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 operationa

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