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HIGHLIGHTS Spirax - Sarco Engineering plc News Release Wednesday 11th August 2021 2021 Half Year Results www.spiraxsarcoengineering.com Strong first half performance improves full year outlook Six months ended 30th June Adjusted * Revenue Adjusted operating profit * Adjusted operating profit margin * Adjusted profit before taxation * Adjusted basic earnings per share * Cash conversion 2021 £ 643.7m 2020 Reported Organic £ 569.7m £ 162.9m £ 119.0m + 13 % + 37 % + 17 % + 42 % 25.3 % £ 159.3m 157.6p 20.9 % £ 114.5m 111.6p +440 bps +440 bps + 39 % + 41 % 85 % 86 % Statutory 2021 2020 Reported Revenue £ 643.7m Operating profit £ 153.6m £ 569.7m £ 110.8m + 13 % + 39 % Operating profit margin 23.9 % Profit before taxation £ 150.0m 19.4 % £ 106.3m +450 bps + 41 % Basic earnings per share Dividend per share 147.6p 38.5p 104.2p + 42 % 33.5p + 15 % • Revenue growth of 13 % , organic revenue growth of 17 % • Adjusted operating profit growth of 37 % , organic profit growth 42 % ; up 39 % on a statutory basis • Adjusted operating margin of 25.3 % , up 440 bps organically ; up 450 bps on a statutory basis • Strong order book growth across all three businesses • Steam Specialties organic sales growth of 13 % ; margin up 430 bps organically • Electric Thermal Solutions organic sales growth of 6 % ; margin up 250 bps organically Watson - Marlow organic sales growth of 35 % ; margin up 400 bps organically • • Net debt of £ 192.8 million ; leverage reduced to 0.6x EBITDA * ( H1 2020 : £ 326.0 million ) Interim dividend up by 15 % to 38.5 pence , following 7 % total increase in 2020 Nicholas Anderson , Group Chief Executive , commenting on the results said : “ A strong recovery of global industrial production in the first half of this year , combined with exceptional COVID - 19 vaccine related demand in Watson - Marlow , 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 . This excellent first half execution underpins our improved full year profit outlook . " * Results quoted in this announcement are ' adjusted ' metrics , except where otherwise stated . Organic measures are at constant currency and exclude contributions from acquisitions and disposals . See Note 2 to the Financial Statements for an explanation of alternative performance measures . ^ Net debt includes total borrowings , cash and bank overdrafts but excludes IFRS 16 lease liabilities , as set out in Note 9 to the Financial Statements . 1