Notice of Results

RNS Number : 9361W

Spirax-Sarco Engineering PLC

05 August 2009

 



Spirax-Sarco Engineering plc	Charlton House Cheltenham Glos. GL53 8ER
News Release	Telephone: [phone] Fax: [phone] www.SpiraxSarcoEngineering.com

5th August 2009

IFRS 8 Segmental Reporting - Restatement of prior periods

Spirax Sarco has adopted the new accounting standard IFRS 8 Segmental Reporting for 2009. The new segments set out below give greater visibility and enable a better understanding of the business. The new reporting segments, which are in line with the internal reporting of the Group, will be adopted for the half year 2009 results due to be released on 20th August 2009. We will provide four new reporting segments comprising three geographic regions for the Steam Specialties business and one segment for the Watson-Marlow Pumps business:

    Steam Specialties business    - Europe, Middle East and Africa (EMEA)

    - North and South America (Americas)

    - Asia Pacific (AsiaPac)

    Watson-Marlow Pumps business

In preparation for the half year 2009 results, set out in note 1 below are restated comparative Revenue and Operating Profit disclosures for the full year ended 31st December 2007, half year ended 30th June 2008 and full year ended 31st December 2008. Set out in note 2 below are restated segmental net asset disclosures. These restated disclosures are unchanged in total from the figures presented in the 2007 Annual Report, 2008 Half Year Report and 2008 Annual Report, which are available on our website (www.spiraxsarcoengineering.com).

About Spirax Sarco

Spirax-Sarco Engineering plc is the world leader in both steam system management and peristaltic pumping. The Company provides a broad range of fluid control products, engineered packages, site services and systems expertise for its diverse range of over 100,000 industrial and institutional customers. The Company helps its customers to optimise production capacity, reduce energy costs and emissions, improve product quality and enhance the safety of their operations. Spirax Sarco is headquartered in Cheltenham, England, has strategically located manufacturing plants around the world and employs approximately 4,200 people, of whom 1,200 are direct sales and service engineers. Its shares have been listed on the London Stock Exchange since 1959 (symbol: SPX). Further information can be found at www.spiraxsarcoengineering.com

Enquiries:    D.J. Meredith

        Finance Director

        01242 535236

Note 1 - Revenue and Operating Profit

Revenues are sales to customers and the segmental analysis is based on the location of Group operation. Inter-segment revenues are sales between Group companies in different segments. Restated revenue and operating profit figures under the new segments are as follows:

Six months to 30th June 2008

	Revenue £'000	Inter-segment revenue £'000	Gross revenue £'000	*Total operating profit £'000	*Before adjustment operating profit £'000	*Before adjustment operating margin %
EMEA	110,736	17,937	128,673	20,120	20,223	15.7%
Americas	47,530	3,052	50,582	5,810	5,898	11.7%
AsiaPac	45,501	1,518	47,019	8,583	8,583	18.3%
Steam Specialties business	203,767	22,507	226,274	34,513	34,704	15.3%
Watson-Marlow Pump business	34,940	16	34,956	8,408	8,854	25.3%
Corporate Expenses				(2,773)	(2,773)
	238,707	22,523	261,230	40,148	40,785	15.6%
Intra-Group		(22,523)	(22,523)
Net Revenue	238,707	0	238,707	40,148	40,785	17.1%

Year ended 31st December 2008

	Revenue £'000	Inter-segment revenue £'000	Gross revenue £'000	*Total operating profit £'000	*Before adjustment operating profit £'000	*Before adjustment operating margin %
EMEA	226,091	34,547	260,638	38,880	39,180	15.0%
Americas	101,913	6,102	108,015	8,840	12,119	11.2%
AsiaPac	98,931	3,898	102,829	21,136	21,136	20.6%
Steam Specialties business	426,935	44,547	471,482	68,856	72,435	15.4%
Watson-Marlow Pump business	75,381	67	75,448	17,347	18,409	24.4%
Corporate Expenses				(5,175)	(5,175)
	502,316	44,614	546,930	81,028	85,669	15.7%
Intra-Group		(44,614)	(44,614)
Net Revenue	502,316	0	502,316	81,028	85,669	17.1%

Year ended 31st December 2007

	Revenue £'000	Inter-segment revenue £'000	Gross revenue £'000	*Total operating profit £'000	*Before adjustment operating profit £'000	*Before adjustment operating margin %
EMEA	191,130	32,257	223,387	31,586	31,781	14.2%
Americas	84,573	4,512	89,085	9,806	9,995	11.2%
AsiaPac	85,908	2,221	88,129	18,426	18,426	20.9%
Steam Specialties business	361,611	38,990	400,601	59,818	60,202	15.0%
Watson-Marlow Pump business	55,706	54	55,760	12,856	12,856	23.1%
Corporate Expenses				(4,338)	(4,338)
	417,317	39,044	456,361	68,336	68,720	15.1%
Intra-Group		(39,044)	(39,044)
Net Revenue	417,317	0	417,317	68,336	68,720	16.5%

*    The total operating profit for each period is after charging amortisation of acquired intangible assets (30th June 2008: £637k, 31st December 2008: £1,541k and 

31st December 2007: £384k), and the impairment of goodwill (31st December 2008: £3,100k). The before adjustment operating profit and operating margin, which excludes these amounts, is also disclosed for each period.

Note 2 - Net assets, capital additions and depreciation and amortisation.  

Restated net assets, capital additions and depreciation and amortisation for the half year to 30th June 2008 and year ended 31st December 2008 are as follows:

Net assets

	30th June 2008		31st December 2008
	Assets £'000	Liabilities £'000	Assets £'000	Liabilities £'000
EMEA	178,134	(86,214)	216,124	(111,832)
Americas	58,727	(14,463)	81,420	(27,722)
AsiaPac	60,343	(7,920)	81,437	(11,694)
Watson-Marlow Pumps	54,923	(9,349)	46,892	(4,661)
	352,127	(117,946)	425,873	(155,909)
Liabilities	(117,946)		(155,909)
Deferred Tax	10,821		19,466
Current tax payable	(9,783)		(10,814)
Net cash	12,225		17,390
Net assets	247,444		296,006

Capital additions and depreciation

and amortisation

	30th June 2008		31st December 2008
	Capital Additions £'000	Depreciation  and Amortisation £'000	Capital Additions £'000	Depreciation and Amortisation £'000
EMEA	5,151	4,264	15,285	8,772
Americas	1,436	1,285	4,216	5,689
AsiaPac	1,708	908	8,928	1,846
Watson-Marlow Pumps	10,032	1,741	15,540	3,552
	18,327	8,198	43,969	19,859

Capital additions include property, plant and equipment, and other intangible assets.

 

END

 

 

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