Favorable Drivers Exist Across Spirax's Segments, Underpinning Our 8% EPS Growth Outlook

Spirax Group has managed to embed its products and highly qualified engineers, who act as its salesforce, into customers’ industrial and commercial processes. Its large installed base of equipment creates recurring revenue through repair and maintenance as well as an upselling opportunity. Nearly half of the group’s sales are from recurring maintenance, with an average invoice value of GBP 1,500, and a further 35% from small improvement projects with short payback periods.