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    George Featherstone

    Research Analyst at Bank of America

    George Featherstone's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership

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

    Question

    George Featherstone from Bank of America asked about the drivers behind the strong growth in the Process Industries segment and its sustainability, and also inquired about the business outlook and recovery profile in China.

    Answer

    Group Chief Executive Nicholas Anderson attributed the Process Industries' outperformance to both pricing and, more significantly, market share gains from new product innovations like the Qdos pump. He described the recovery in China as "underwhelming" and difficult to predict, but noted the local team is mitigating the slowdown by focusing on high-growth niches like EV battery manufacturing and leveraging the company's strong market position.

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

    Question

    George Featherstone from Bank of America questioned the drivers and sustainability of the significant outperformance versus IP in the Process Industries exposure and asked for an on-the-ground perspective of the economic recovery profile in China.

    Answer

    Group Chief Executive Nicholas Anderson attributed the Process Industries' outperformance to pricing, market share gains from the direct sales model, and new product innovations like the Qdos pump. Regarding China, he acknowledged the underwhelming recovery but stated the company's strong competitive position and success in niche areas like EV battery manufacturing are helping to mitigate broader economic weakness.

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