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    Rory Smith

    Research Analyst at UBS

    Rory Smith's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership

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

    Question

    Rory Smith from UBS inquired about the drivers of Steam Specialties' performance in H2, the potential for market share gains in Watson-Marlow's Biopharma and Process Industries divisions, and the terms of the Durex acquisition.

    Answer

    Group Chief Executive Nicholas Anderson stated that proactive price management continues to offset inflation in Steam. He emphasized that Watson-Marlow's market share gains are driven by its direct sales model, not temporary inventory dynamics, which he described as a "temporary blip." CFO Nimesh Patel added that H2 Steam performance is affected by project timing pull-forwards and macroeconomic uncertainty. Both confirmed there was no earnout for the Durex acquisition.

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

    Question

    Rory Smith from UBS inquired about the drivers for the Steam Specialties division in H2, the potential for market share gains in Watson-Marlow's Biopharma segment post-destocking, and whether the Durex Industries acquisition included an earn-out provision.

    Answer

    Group Chief Executive Nicholas Anderson confirmed that proactive price management continues to offset inflation and that market share gains are driven by their direct sales model, not inventory levels. He also confirmed there was no earn-out for the Durex acquisition. CFO Nimesh Patel added that H1 Steam performance was boosted by project pull-forwards and noted that macroeconomic uncertainty, particularly in China, affects the H2 outlook.

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