As part of an assessment for my accounting and online communication course, I have been assigned a company, of which, I have to assess the annual reports and financial statements. Below you will find some background information for Spirax-Sarco an industrial machinery manufacturer based in the UK.
The company dates back to 1888 when Herman Sanders partnered a Mr Rehders and established Sanders, Rehders & Co. (‘Sarco‘) in London they initially built their business around importing thermostatic steam traps from Germany. It was not until 1932 that they ventured into manufacturing and began to manufacture steam traps in the United Kingdom under the Spirax brand name. By the 1960s, they had been listed on the London Stock Exchange, introduced a range of self-acting pressure controls and acquired their first of many companies in 1963; bolstering their steam transportation solutions when it bought Drayton Controls, a control valve and instrumentation business.
The company further diversified into fluid management in 1990 by acquiring Watson-Marlow, a pump manufacturer. Since 1993, they have made several key acquisitions which has lead expansion in the control and metering business. It appears acquisition remains a key strategy for growth and expansion for Spirax-Sarco. In 2017 they further strengthened their market position within steam management by acquiring Gestra, while in the same year diversified into electrical process heating and temperature management solutions by acquiring Chromalox.
In 2018 Spirax-Sarco brought in a revenue of over £1.15b. It is the first the company has made over £1b in one year. The company supplies to a wide range of industries, their highest-valued customers coming from such industries as pharmaceutical manufacturing, food processing, other machinery manufacturers, power generation, and several more, highly lucrative industries. This paired with their direct sales strategy is obviously the reason for their financial success.
Joshua Turner - Property 