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Spirax-Sarco says trading remains good

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Valves and steam trap maker Spirax-Sarco Engineering said trading so far this year confirms its expectations that it will produce another good performance in 2008.

The group however cautioned about the uncertainty over the resilience of the global economy, mainly North America.

“If current exchange rates prevail for the remainder of the year, sales and profits, particularly in Continental Europe, will also benefit from good exchange gains,” it added.

It said the euro has strengthened considerably since late last year, which has benefited the translation into sterling of total group revenues by approximately 6% overall with a larger benefit to operating profit.

Overall market conditions have remained favourable in 2008, said Spirax, as it sees sustained business investment by its customers and continues to benefit from good progress with its ongoing sales initiatives.

Growth was spread across all geographic regions for both the Spirax Sarco and Watson-Marlow Bredel businesses.

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