Spirax Group H1 2026 results: figures, guidance and transcript

Spirax Group's first-half results at a glance

The short version is straightforward: Spirax Group reported first-half 2026 revenue of £863.8 million, up 5%, while adjusted operating profit rose 8% to £171.1 million. The company maintained guidance for mid-single-digit organic revenue growth and an organic increase in its adjusted operating margin.

The results were released on 11 August 2026. Spirax's investor results page provides the announcement, presentation slides and webcast recording, while a separate H1 2026 earnings-call transcript is available from StockAnalysis.

Key figures from the half-year announcement were:

• Revenue increased by 5% to £863.8 million, with organic revenue also up 5%.
• Adjusted operating profit rose by 8% to £171.1 million, including organic growth of 6%.
• Adjusted operating margin increased from 19.3% to 19.8%, a reported improvement of 50 basis points.
• Statutory operating profit rose by 44% to £154.2 million, while the statutory operating margin reached 17.9%.
• Adjusted earnings per share increased by 9% to 150.0p, and basic earnings per share rose by 56% to 132.2p.
• The interim dividend increased by 3% to 50.4p per share.
• Adjusted cash conversion fell from 61% to 54%.

Growth remained ahead of industrial production

Spirax's 5% organic sales growth compared with global industrial production growth of 1.8%, or 1.5% excluding China. That matters because the group aims to grow faster than the industrial markets it serves rather than relying on a strong economic backdrop.

The first-half performance therefore supports the company's growth argument, although the contribution was uneven across its three businesses.

How each Spirax business performed

Steam Thermal Solutions

Steam Thermal Solutions generated revenue of £419.8 million, with organic sales growth of 1%. Adjusted operating profit was £92.3 million, down 6% organically, and the adjusted margin fell by 170 basis points organically to 22.0%.

Spirax said customer-specified shipment phasing into the second half held back first-half sales. Investment in sales and technical capability also weighed on the margin, although demand growth was more than double the rate of industrial production.

STS was the weak point in the results. Its second-half performance will depend on delayed orders turning into shipments and the expected operating leverage coming through.

Electric Thermal Solutions

Electric Thermal Solutions delivered revenue of £232.9 million, representing organic growth of 11%. Adjusted operating profit increased by 27% organically to £40.0 million, while the adjusted margin improved by 220 basis points organically to 17.2%.

The company attributed the improvement to strong demand across all three ETS divisions, operating leverage, sales mix and operational efficiencies. ETS was the clearest growth engine in the first half.

Watson-Marlow Fluid Technology Solutions

Watson-Marlow Fluid Technology Solutions reported revenue of £211.1 million, up 7% organically. Adjusted operating profit rose by 11% organically to £58.0 million, and the adjusted margin increased by 80 basis points organically to 27.5%.

Spirax said Biopharm order intake remained ahead of sales, while Process Industries continued to gain share in focus sectors including mining and wastewater.

Statutory profit growth needs context

Statutory operating profit increased by 44%, compared with an 8% rise in adjusted operating profit. Spirax attributed part of the larger statutory increase to one-off restructuring costs recorded in the first half of 2025.

Investors should therefore avoid treating the statutory increase as the underlying growth rate of the business. The adjusted figures still show profit growing faster than revenue, but without the same distortion from the prior-period restructuring charge.

Cash conversion was the main soft spot

Adjusted cash conversion fell to 54% from 61%. Spirax attributed the decline to normal first-half seasonality and planned inventory builds.

That explanation is reasonable, but it makes second-half cash delivery an important test. The inventory build needs to support shipments rather than remain tied up in working capital.

Dividend dates

The board declared an interim dividend of 50.4p per share, up 3%. It is payable on 13 November 2026 to shareholders on the register at the close of business on 16 October 2026.

Full-year guidance remains unchanged

Spirax reiterated guidance for mid-single-digit organic revenue growth in 2026 and an organic increase in the group adjusted operating margin from the 20.0% achieved in 2025. It also expects adjusted operating profit and earnings per share growth to run ahead of organic revenue growth.

For the second half, management expects STS sales growth to improve, ETS to deliver high-single-digit sales growth and WMFTS to deliver high-single-digit sales growth. ETS margin is expected to be slightly ahead of the first-half level, while the WMFTS margin is expected to be broadly similar.

On the earnings call, management said Spirax entered the second half with strong demand momentum and healthy order books across all three businesses.

What investors should watch next

The clearest positive is that Spirax grew faster than subdued industrial markets while expanding its group adjusted margin. ETS and WMFTS provided the strongest support, with both delivering organic revenue growth and margin improvement.

The main questions concern execution rather than guidance. STS needs to convert its order book into stronger sales and profit, while group cash conversion needs to recover as planned inventories move through the business.

On balance, the results support the existing full-year outlook rather than marking a major change in direction. Readers comparing results across UK-listed companies may also find my Sabre Insurance half-year analysis useful.