March 15, 2018 / 7:52 AM / 9 months ago

Valve maker Spirax-Sarco posts better-than-expected profit, revenue

(Reuters) - Spirax-Sarco Engineering Plc (SPX.L) reported better-than-expected full-year revenue and adjusted pretax profit on Thursday, helped by acquisitions and strength in its Europe, Middle East and Africa market.

Spirax-Sarco said adjusted pretax profit rose 28.7 percent to 229.1 million pounds in the year ended Dec. 31, beating analysts’ average estimate of 219.5 million pounds, according to Thomson Reuters I/B/E/S.

Revenue rose 31.9 percent to 998.7 million pounds in 2017, beating an estimate of 979.2 million pounds.

Spirax-Sarco said acquisitions of German valve-maker Gestra and U.S. thermal technology company Chromalox added 20 percent to sales growth and 14 percent to profit growth in 2017.

Spirax-Sarco said adjusted operating profit from Europe, Middle East and Africa, its largest market, increased 32 percent to 66.1 million pounds.

The company has said it will not look to make any more “significant” acquisitions until 2019.

Reporting By Justin George Varghese in Bengaluru; Editing by Saumyadeb Chakrabarty

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