Financial PerformanceSpirax's 1H24 Interims are light versus JEFe/cons, and 1H24 trading was slightly below mgmt's expectations.
Market SentimentSentiment on the stock is at a low ebb, and while the narratives emanating from today's CMD were supportive of the equity story in the M/LT, and it remains a quality business, the pendulum has swung a long way negative.
Recovery UncertaintyUncertainty persists with regard to the shape of the group's ST recovery and the need to increase investment and reposition/rebuild the business, while also taking cost out.