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    Bruno Gjani

    Research Analyst at BNP Paribas

    Bruno Gjani's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership

    Bruno Gjani's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership • Q2 2023

    Question

    Bruno Gjani from BNP Paribas inquired about the drivers behind the strong Steam Specialties order book growth, its expected conversion rate in H2, and asked for quantification of the energy transition order book.

    Answer

    Group Chief Executive Nicholas Anderson explained that the robust Steam order book reflects underlying business strength and a normal seasonal build, though slightly distorted by a large project pull-forward. He noted supply chain issues are no longer a constraint. He declined to quantify the energy transition order book, stating it is still early days but that inquiry levels are very strong.

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    Bruno Gjani's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership • Q2 2023

    Question

    Bruno Gjani of BNP Paribas inquired about the drivers behind the growing order book in the Steam division, especially given some project deferrals, and how this order book is expected to convert in H2. He also asked about the size of the energy transition order book.

    Answer

    Group Chief Executive Nicholas Anderson explained the strong Steam order book reflects underlying business strength and more self-generated solutions, with some H1 distortion from a large project pull-forward. CFO Nimesh Patel added that the high proportion of "book and ship" business makes the order book a helpful but not definitive indicator. Management declined to quantify the energy transition order book but noted positive sentiment.

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