Aurelio Calderon Tejedor's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership • Q2 2023
Question
Aurelio Calderon Tejedor from Morgan Stanley questioned if long-term views on Biopharma and Semicon have changed, whether the company is integrating more into a "one group" structure, and the drivers behind the implied H2 margin recovery in the organic ETS business.
Answer
Group Chief Executive Nicholas Anderson affirmed that long-term growth expectations for key markets remain unchanged, viewing current issues as temporary. He confirmed the move towards a more integrated group to leverage cross-business synergies while maintaining specialist focus. CFO Nimesh Patel added that the H2 ETS margin recovery is driven by seasonality and operational improvements, but the guidance range reflects uncertainty on the timing of the Biopharma and Semicon recovery.