Cheltenham engineering group Spirax has posted a fall in profits amid a "challenging macroeconomic environment".
The FTSE-100 listed business saw statutory revenue dip by one per cent to £822.2m for the six months to June 30, while profit before tax fell to £87.9m from £124.8m the year before.
The company said its margins had been hit by one-off restructuring costs and currency headwinds, and that trading was in line with expectations.
Spirax Group's interim dividend, meanwhile, was up 3% to 48.9 pence.
Nimesh Patel, group chief executive, said: "While IP forecasts have been revised down for the remainder of the year, our unchanged full-year guidance is supported by strong order books going into the second half, increasing demand from key end markets, and ongoing delivery of operational priorities."
Mr Patel said staff across the business had "stepped up focus" on the drivers of growth within the company's control as it implements its 'Together for Growth' strategy.
He added: "Our significant operational efficiency and simplification programme is funding investment in future drivers of accelerated and sustained longer term growth, including digital and decarbonisation, whilst also underpinning our confidence in delivering our medium-term targets."
In March, Spirax said its restructure would realise annual savings of around £35m to fund investment in future organic growth.
It is understood the cash costs to deliver the programme will be mostly incurred in 2025 and are expected to be around £35m, with an additional non-cash cost of £5m.
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