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Spirax-Sarco Engineering PLC on Thursday said annual profit rose sharply, aided by a sales performance that topped pre-virus levels.
In 2021, pretax profit surged 31% to £314.5 million from £240.1 million.
Revenue grew 13% to £1.34 billion, from £1.19 billion in 2020. It also topped 2019's sales figure of £1.24 billion.
The Steam Specialties business - which accounts for 56% of revenue - saw sales rise 9% thanks to increased demand, while Electric Thermal Solutions sales increased 2% year-on-year.
Watson-Marlow sales jumped 27%, driven by ‘exceptional’ demand from the Pharmaceutical & Biotechnology sector which accounted for almost 60% of the unit's sales in 2021, Spirax-Sarco explained.
Spirax-Sarco declared an annual dividend of 136.0 pence, up 15% from 118.0p in 2020.
Chief Executive Nicholas Anderson said: ‘The excellent performance of our group in 2021 is testament to the strength of our organisation, business model and strategy that delivered organic sales 13% above pre-pandemic levels and record margins despite global supply chain constraints.
‘For 2022 we currently anticipate strong sales growth, driven by record order books and continued global industrial production growth. While adjusted operating profit growth will be reduced by the full-year impact of revenue investments in 2021, we currently anticipate the adjusted operating profit margin in 2022 will still be comfortably above pre-pandemic levels.’
Spirax-Sarco added that it will no longer trade with or within Russia. The region represented around 1% of the company's revenue in 2021.
Shares in Spirax-Sarco were up 2.1% at 11,565.00 pence on Thursday morning in London.
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