Spirax Group PLC (OTCPK:SPXSF)
$ 87.0066 1.0066 (1.17%) Market Cap: 6.31 Bil Enterprise Value: 7.33 Bil PE Ratio: 26.71 PB Ratio: 4.42 GF Score: 84/100
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Half Year 2024 Spirax Group PLC Earnings Call Transcript

Aug 08, 2024 / 08:15AM GMT
Release Date Price: $98 (-8.03%)
Nimesh Patel
Spirax Group PLC - Group CEO, Executive Director

Good morning, and welcome to our 2024-first-half results presentation. I'm Nimesh Patel, Chief Executive of Spirax Group. And I'm joined today by Phil Scott, our Interim Chief Financial Officer. And also in the audience is Louisa Burdett, who joined the group in July to be our new Chief Financial Officer.

The first half of this year has been more challenging than we had anticipated. Our financial results are slightly below our plans. And we have taken a more cautious view for the remainder of 2024. Overall, group organic sales growth was 1.3%, reflecting a weaker macroeconomic environment in key markets in the first half, particularly in China.

Estimates for industrial production growth in China vary significantly across different forecast providers, and they've changed materially and often. Therefore, we focused on global IP, excluding China, which in the first half was up 0.8%. This compares to our group organic sales growth, excluding China, of 2.7%, so well ahead of IP.

In STS, where China represents nearly 20%

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