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    Jonathan Hurn

    Research Analyst at Barclays

    Jonathan Hurn is an Equity Research Analyst at Barclays, specializing in the coverage of UK industrials and materials companies with a focus on firms such as Halma and Morgan Advanced Materials. He is recognized for his actionable investment insights, including recent upgrades of major listed entities and active participation in earnings discussions with company management. His career at Barclays includes several years of experience as a lead analyst on industrial sector names, and he is regularly cited as a key analyst for corporate investor relations and sector coverage. Hurn holds professional registrations and credentials required for equity research analysts in the UK, supporting his expertise and standing in the industry.

    Jonathan Hurn's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership

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

    Question

    Jonathan Hurn from Barclays asked about the H2 growth prospects for Watson-Marlow's Process Industries, the potential margin trajectory for the division in 2024, and whether low-margin orders still exist in the Chromalox backlog.

    Answer

    Group Chief Executive Nicholas Anderson confirmed he expects year-over-year growth for Watson-Marlow's Process Industries in H2. CFO Nimesh Patel explained that the division's margin will improve into 2024 as sales recover, but a return to peak levels will be gradual as the company also plans to restart investments. Anderson added that some older, lower-margin orders remain in the Chromalox backlog but the quality of new orders is much higher.

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

    Question

    Jonathan Hurn from Barclays asked about the H2 growth outlook for Watson-Marlow's Process Industries, the expected margin progression for the Watson-Marlow division into 2024, and whether lower-margin orders in the Chromalox order book have been cleared.

    Answer

    Group Chief Executive Nicholas Anderson confirmed expectations for year-on-year growth in Watson-Marlow's Process Industries in H2. CFO Nimesh Patel stated the Watson-Marlow margin will improve in H2 and into 2024 as volume recovers, but a return to peak pandemic levels is not expected as investments will restart. Anderson added that while some older, lower-margin Chromalox orders remain, the quality of the new order book is much stronger.

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