Spirax Group Plc. · LSE:SPX
Spirax — Shareholder Meeting (May 2025)
15 slides from Spirax's shareholder meeting presentation, May 14, 2025
Slide 1: Spirax Group Annual General Meeting
Spirax Group Annual General Meeting 14 May 2025
Slide 2: Welcome
Welcome Tim Cobbold Chair
Slide 3: 2025 AGM
2025 AGM 3 Tim Cobbold Nimesh Patel Louisa Burdett Richard Gillingwater Angela Archon Chair Group Chief Executive Officer Chief Financial Officer Senior Non-Executive Director Non-Executive Director Constance Baroudel Peter France Caroline Johnstone Jane Kingston Kevin Thompson Celine Barroche Non-E
Slide 4: Chief Executive Officer's Review
Chief Executive Officer’s Review Nimesh Patel Group Chief Executive Officer
Slide 5: A strong Group with a differentiated business model
A strong Group with a differentiated business model 5 Direct sales model focused on solution selling… …funded primarily from Opex budgets… Maintenance and Repair sales 2,150 Typical invoice: £1.5k 100k+ Direct sales and Solution-sales local customers Typical invoice: £10-70k service engineers and si
Slide 6: Evolving for tomorrow's world
Evolving for tomorrow’s world 6 1 2 3 4 By addressing our …in our future growth Operational Priorities through two key drivers… We drive growth in the Commercial Excellence medium term and …to deliver on our Digital and Services Driving growth through leveraging our create capacity to Driving growth
Slide 7: Progress against a challenging macroeconomic backdrop
Progress against a challenging macroeconomic backdrop 7 2024 Group organic sales growth well ahead of IP 4% 1% 10% 3% Group organic Steam Thermal Electric Thermal Watson-Marlow sales growth Solutions Solutions Fluid Technology Solutions Continued IP Strong operational Well positioned outperformance
Slide 8: Focusing on 'controlling the controllables'
Focusing on ‘controlling the controllables’ 8 Examples of Operational Excellence and Commercial Excellence STS: ETS: WMFTS: Reshaping Improving throughput at Adding value through commercially in China: our ETS Ogden facility: sectorised focus: • Focusing on our significant installed • Improved routi
Slide 9: Protecting margins and improving cash conversion
Protecting margins and improving cash conversion 9 20.1% 87% £35m Group Adjusted Cash conversion In annualised savings Operating Margin
Slide 10: Reshaping our organisation…
Reshaping our organisation… 10 • Reduced local and divisional • Established a new divisional sales • Moved to a sector-based sales model management layers structure from a geographic focus • Combined technical and service • Improving collaboration across • Deepening our technical and process enginee
Slide 11: …for a simpler and more customer-focused Group
…for a simpler and more customer-focused Group 11 Investing Connected Simpler Efficient
Slide 12: Continued progress in 2025
Continued progress in 2025 12 Good demand growth; full-year guidance maintained • Good demand growth in ETS and WMFTS; higher demand for STS MRO, offset by lower large projects demand • Delivered low single-digit organic sales growth • Adjusted operating profit and margin slightly lower compared to
Slide 13: Significant market potential underpins future growth
Significant market potential underpins future growth 13 Decarbonisation of thermal energy expands addressable market by 60% to £17.3bn Future expansion of addressable market: > £17.3bn • IP-related growth • Pricing • Biopharm and Semicon demand recovery Future addressable market • New target, high g
Slide 14: Together for Growth
Together for Growth 14 Three engines of growth with a Capturing opportunity For long term, common business model through our strategy compounding growth Commercial Excellence Growth > 2x IP Operational Excellence 2,150 direct sales engineers Margins > 23% 60% sales to defensive sectors £17bn Organis
Slide 15: In summary
In summary 15 2024 • Met the considerable external headwinds we faced • Focused on controlling the controllables to deliver organic growth ahead of IP • Margins in all three Businesses in line with expectations 2025 • The macroeconomic situation remains challenging; US tariffs create additional unce