A strong first half year for major Cheltenham employer Spirax Sarco has given cause for economic optimism, with the engineering giant siting a ‘strong recovery of global industrial production’.
The business, which employs an estimated 1,000 staff in Gloucestershire, released its latest results today, 11 August 2021, showing revenue grew 13 per cent to £643.7 million in the six months to 30 June 2021.
Profits also rose – by 39 per cent to £153.6 million – with the ‘thermal energy management and niche pumping specialist’ business declaring a ‘strong order book’ across all three of its businesses.
Nicholas Anderson, group chief executive, said: ‘A strong recovery of global industrial production in the first half of this year has supported strong organic sales and profit growth across all three businesses.
‘These results continue to demonstrate the robust business model, strategy and execution of our group, being achieved through the outstanding efforts and dedication of all our employees in managing the higher levels of demand to meet our customers’ needs.’
The Charlton Kings-headquartered firm stressed that Covid-19 continued to impact on the daily lives of everyone and its business.
Global industrial production increased by 11 per cent compared to a seven per cent contraction on the previous year and was across the board – Europe, the Middle East, Africa, North America, Latin America and Asia Pacific (including China).
Economic recovery had, it said, been helped considerably by both the ‘vaccination programmes and sizeable fiscal packages’.
Growth is expected to continue for the firm for the second half of the year, but slow to six per cent – depending on supply chain disruption.
This article is part of SoGlos’s #BackToBusinessGlos campaign – made possible by Hazlewoods, Aston Lark and BPE – to champion Gloucestershire businesses as the county recovers from the Covid-19 pandemic. For more information, see soglos.com/backtobusinessglos
By Andrew Merrell