Spirax-Sarco lifts dividend

Spirax-Sarco will pay a special dividend at 100p a share
Valve maker Spirax-Sarco yesterday pledged a £78m special dividend and an eight per cent increase in its ongoing payout, despite posting a slip in full-year profits.

Pre-tax profits at the engineering firm, which supplies pumps and boilers, fell four per cent to £127.7m from £132.3m a year earlier, adding that this year would be in line with expectations.

Total revenue increased two per cent to £661.7m from £650m, boosted by sales growth in the Asia Pacific region and subsidiary Watson-Marlow.

Spirax-Sarco will pay a special dividend at 100p a share, and raise its final dividend to 37p a share.