2012 Annual Report - Spirax-Sarco Engineering plc

More documents

Recommendations

Info

Grow market share through increased market penetration and one-stop shop customer approach
Strategies for growth We see further opportunities for growth from our existing customers and markets by supplying a wider range of energy metering, controls, automation products, heat recovery solutions and pumps. Our technically-expert direct sales force allows us to leverage our brands into new products and applications. As we have widened our range of products and extended our application reach, particularly in flow metering, boiler controls, automatic control valves, heat transfer systems and pumps, we are simplifying the buying process for our customers in offering an even wider range of choices and options for their steam system and pumping requirements. This increases the amount of plant spend that we can capture in small-scale capital projects and maintenance activities from our extensive customer base. New products have contributed meaningfully to the organic sales growth. For the steam business, new products in areas such as automatic control valves, pre-fabricated heat transfer and heat recovery packages, on demand hot water generation systems, flow meters and steam system services, have resulted in these product families growing collectively at a significantly faster rate than overall sales growth over the past five years and contributing about 20% of the overall growth of steam business sales in the period. For Watson-Marlow, the story is similar, as our pumps product range has been progressively widened and developed, making use of improved electronics, new pumping technologies and tubing materials to broaden the addressable markets. In the past five years, new products at Watson-Marlow also contributed about 20% of the overall organic growth of this business segment. In our Watson-Marlow pumps business, we have been gradually transitioning our selling organisation in Europe to more direct sales, particularly for the Flexicon and MasoSine product ranges that have been acquired and that historically were sold through a distribution network. As a result, we are adding technical sales engineers and achieving faster rates of growth by better explaining to customers the technical and cost benefits of our pumps. This greater concentration of sales resources also enables Watson-Marlow to segment and focus selling activities into its core market areas of bio-pharmaceuticals, foods & beverages and water treatment. Percentage of steam specialties sales % 2002 81 2007 77 <strong>2012</strong> 72 19 23 28 MasoSine pumps – solving a sticky problem Traditional Key initiatives Percentage of Watson-Marlow sales % 2007 100 2009 89 11 <strong>2012</strong> Traditional Key initiatives 84 16 To produce toffee sauce at their Tenbury Wells plant, UK, Kerry Ingredients & Flavours needed a pump capable of handling the demanding viscosity and flow properties of condensed milk. Watson-Marlow’s MasoSine SPS 2.5 pump provided the ideal solution.
Page 1 and 2: The Business of Solutions 2012 Spir
Page 3 and 4: Performance highlights Revenue £m
Page 5 and 6: 3 Overview Chairman’s statement p
Page 7 and 8: Our businesses We comprise two worl
Page 9 and 10: 7 Overview Group structure Spirax-S
Page 11 and 12: 9 Overview EMEA 44% 2011: 48% Emerg
Page 13 and 14: 11 Overview Foods Brewing and disti
Page 15 and 16: 13 Overview Customer value Customer
Page 17 and 18: Aligning results and reward 15 Over
Page 19 and 20: The Business of Solutions We are a
Page 21 and 22: Strategies for growth Our understan
Page 23 and 24: Strategies for growth We provide ou
Page 25: Strategies for growth We have stron
Page 29 and 30: Strategies for growth We create con
Page 31 and 32: Business review 17 Overview We have
Page 33 and 34: 19 Overview Revenue £232.8m 2011:
Page 41 and 42: 27 Overview Strategy and performanc
Page 43 and 44: 29 Overview Return on capital emplo
Page 47 and 48: 33 Overview UK Supply factory reduc
Page 49 and 50: 35 Overview Saving energy and preve
Page 51 and 52: 37 Overview Watson-Marlow sponsors
Page 53 and 54: 39 Overview Engaging with our staff
Page 55 and 56: 41 Overview Employment practices Th
Page 59 and 60: 45 Overview The Boardroom Chairman
Page 61 and 62: 47 Overview David Meredith FCMA, CG
Page 63 and 64: 49 Overview Approach to governance
Page 65 and 66: 51 Overview Governance structure Th
Page 67 and 68: 53 Overview To assess the effective
Page 69 and 70: Risk management and principal risks
Page 71 and 72: 57 Overview Important developments
Page 73 and 74: 59 Overview There may be other risk
Page 75 and 76: 61 Overview Appointment of new Exec
Page 77 and 78:
63 Overview 2.1.2 Variable elements
Page 79 and 80:
65 Overview 2.3 Directors’ servic
Page 81 and 82:
67 Overview 3.2 Annual bonus The an
Page 83 and 84:
69 Overview 3.3.2 Awards made for 2
Page 85 and 86:
71 Overview 3.6 Total remuneration
Page 87 and 88:
73 Overview 4.1.2 Spirax-Sarco Engi
Page 89 and 90:
Statement of compliance 75 Overview
Page 91 and 92:
77 Overview COMPLIANCE WITH THE UK
Page 93 and 94:
79 Overview COMPLIANCE WITH THE UK
Page 95 and 96:
81 Overview Share capital As at 28t
Page 97 and 98:
Statement of Directors’ responsib
Page 99 and 100:
Statements of financial position at
Page 101 and 102:
Consolidated statement of comprehen
Page 103 and 104:
Cash flow statements for the year e
Page 105 and 106:
91 Overview 1 Accounting policies c
Page 107 and 108:
93 Overview 1 Accounting policies c
Page 109 and 110:
95 Overview 2 Segmental reporting 2
Page 111 and 112:
97 Overview 4 Staff costs and numbe
Page 113 and 114:
99 Overview 10 Earnings per share P
Page 115 and 116:
101 Overview 13 Goodwill and other
Page 117 and 118:
103 Overview 13 Goodwill and other
Page 119 and 120:
105 Overview 17 Deferred tax assets
Page 121 and 122:
107 Overview 21 Obligations under f
Page 123 and 124:
109 Overview 27 Employee benefits P
Page 125 and 126:
111 Overview 27 Employee benefits c
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
119 Overview 30 Purchase of busines
Page 135 and 136:
121 Overview 31 Derivatives and oth
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
127 Overview 2006 £000 2007 £000
Page 143 and 144:
Spirax Sarco worldwide Steam specia
show all

2012 Annual Report - Spirax-Sarco Engineering plc

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?