LONDON (ShareCast) - Steam valve and pump maker Spirax-Sarco said the strong trading it had seen in the first half has been maintained in the early weeks of the second half, though warned conditions are deteriorating.

“The strong trading performance during the period has, so far, been maintained into the early weeks of the second half year, although the global macro-environment is deteriorating,” said the group.

Pre-tax profit for the half year rose 27% to £41.9m on revenue that increased 19% to £238.7m, on a constant currency basis it was up 12%.

The group said it has seen sustained business investment by customers and is benefiting from expanding its selling opportunities and increasing market share. Due to the high cost of energy, customers are increasingly valuing its energy-saving solutions.

“Subject to continuation of the favourable exchange rates, there is expected to be a further exchange benefit to trading in the second half year and, assuming our markets remain stable, we expect to achieve continued good progress for the year,” said the group.

Interim dividend has been hiked 20% to 10.0p.

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