Spirax-Sarco's sales for the year to date through October are down 9% in constant currency against strong results last year. Favourable exchange rates have added 10% to Spirax-Sarco group revenues in 2009 compared with average exchange rates in calendar year 2008. Trading margin this year has benefited from exchange rates and from recent lower materials costs and reduced operating costs.
Spirax-Sarco, the parent company of Watson Marlow Bredel, had a net cash balance at 31 October 2009 of £1 million despite funding the acquisition of MasoSine in August for £22 million and Intervalf in October for £3 million.