Insiders Trades
No insider purchase over the last 90 days. The latest was filed 10 Mar 2026.
Spirax Group plc: what insiders have been doing
Spirax Group plc, classified in the Industry sector, is a listed company based in Cheltenham, United Kingdom, founded in 1888. Its insiders report their share dealings to RNS (LSE). 15 insiders have disclosed 119 filings since 18 October 2025.
Open-market activity splits into 7 purchases totalling €187k and 7 sales totalling €16k; 6 insiders sit on the buying side and 6 insiders on the selling side. The totals do not cover 1 filing with an undisclosed amount. Unlike grants, an open-market purchase is paid for by the insider, at the market price. One trade stands out by size: a purchase of €121k from Nimesh Patel, disclosed on 10 March 2026. The buyers include 3 chief executives, 2 senior executives and 1 finance chief.
Compared with its exchange (831 companies, median 6 filings), a count of 119 filings is above the norm. Since 2023, the database holds 23 purchases and 20 sales by insiders of the company.
In all, 7 purchases were made within 30 days of a purchase by another insider of the company. When several insiders buy within a few weeks of each other, analysts speak of a cluster purchase. The most recent open-market purchase was published on 10 March 2026, 221 days ago. Between a trade and the moment it shows up on RNS (LSE), the median delay is 2 days. The legal deadline for notifying a trade is three business days (UK MAR).
In the same sector, recent insider purchases at Tennant Co and Butler National Corp also feature in our signals. These figures are compiled from regulatory filings published by RNS (LSE). They describe what insiders did and are not a recommendation.
Insider Decl.
235
Thresholds
n/a
Buy Volume
€1M
23 ops. · all time
Sell Volume
€101,762
20 ops. · all time
Who traded when
BuySaleNimesh Patel4 buys2 sales
Maurizio Preziosa2 buys3 sales
Andrew Mines2 buys2 sales
Sarah Peers2 buys2 sales
Louisa Burdett2 buys1 sale
James Devine2 buys
+3 other insiders
Since the insiders bought
- +2.9%Entry £71.75 · Close 16 Oct 2026 £73.80
- +2.9%Entry £71.75 · Close 16 Oct 2026 £73.80
- +8.6%Entry £67.95 · Close 16 Oct 2026 £73.80
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
Analyst consensus: bullish or bearish?
Analysts rate Spirax Group plc Buy (bullish), based on 18 analysts. Average price target: £81.00.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 8,653 of 24,148 companies
58.6
score / 100
Value48
Quality70
FCF yld4.2%
Earn yld3.0%
EV/EBITDA17.1x
ROE17%
Gross mgn77%
Net mgn9.6%
Debt/EBITDA2.7x
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
£73.25
Analyst consensus
18 analystsBuy
£67.00Target £81.00(+11%)£91.00
Income statement
Revenue£1.7B
Gross profit£1.3B77% margin
EBITDA£375.7M22% margin
Net income£163.4M11.4% margin
Valuation
PER (trailing)27.3x
PER (forward)2036.7x
P/Book432.1x
Beta1.11
Balance sheet & cash
Market cap£5.4B
Total debt£1B
Free Cash Flow£228.2M
Debt / Equity87%
Profitability & ownership
ROE16.6%
ROA7.5%
% insiders0.5%
% institutions104.2%
Last declaration on 8 October 2026
Declarations235 total
2 shares@ £72.230.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9811636-0
2 shares@ £72.230.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9811636-1
2 shares@ £72.230.0000% mcap1.2% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9811636-2
2 shares@ £72.230.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9811636-3
2 shares@ £72.230.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9811636-4
4 shares@ £72.230.0000% mcap0.0% of flowLondon Stock ExchangeFCA-NSM:143a31ee-4fb6-4b4d-a620-ed86ee9b93c3-0
4 shares@ £72.230.0000% mcap0.0% of flowLondon Stock ExchangeFCA-NSM:143a31ee-4fb6-4b4d-a620-ed86ee9b93c3-1
4 shares@ £72.230.0000% mcap2.5% of flowLondon Stock ExchangeFCA-NSM:143a31ee-4fb6-4b4d-a620-ed86ee9b93c3-2
4 shares@ £72.230.0000% mcap0.0% of flowLondon Stock ExchangeFCA-NSM:143a31ee-4fb6-4b4d-a620-ed86ee9b93c3-3
4 shares@ £72.230.0000% mcap0.0% of flowLondon Stock ExchangeFCA-NSM:143a31ee-4fb6-4b4d-a620-ed86ee9b93c3-4
2 shares@ £68.970.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9761851-0
2 shares@ £68.970.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9761851-1
3 shares@ £68.970.0000% mcap1.8% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9761851-2
2 shares@ £68.970.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9761851-3
2 shares@ £68.970.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9761851-4
4 shares@ £68.970.0000% mcap0.0% of flowLondon Stock ExchangeFCA-NSM:1333466a-3146-4869-a0e1-538062870172-3
4 shares@ £68.970.0000% mcap0.0% of flowLondon Stock ExchangeFCA-NSM:1333466a-3146-4869-a0e1-538062870172-0
4 shares@ £68.970.0000% mcap0.0% of flowLondon Stock ExchangeFCA-NSM:1333466a-3146-4869-a0e1-538062870172-1
6 shares@ £68.970.0000% mcap3.6% of flowLondon Stock ExchangeFCA-NSM:1333466a-3146-4869-a0e1-538062870172-2
4 shares@ £68.970.0000% mcap0.0% of flowLondon Stock ExchangeFCA-NSM:1333466a-3146-4869-a0e1-538062870172-4
2 shares@ £71.120.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9711537-3
2 shares@ £71.120.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9711537-0
2 shares@ £71.120.0000% mcap1.3% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9711537-1
3 shares@ £71.120.0000% mcap0.0% of flowLondon Stock ExchangeISIN GB00BWFGQN14RNS:9711537-2
4 shares@ £71.120.0000% mcap0.0% of flowLondon Stock ExchangeFCA-NSM:552cbed4-66c9-459b-a875-606b829b68d3-0
25 of 235 declarations
About Spirax Group plc
Spirax Group plc is an industrial group focused on thermal energy and fluid technology solutions, listed on the London Stock Exchange (FTSE 100/250/AIM) in the United Kingdom under the ticker SPX.L. Headquartered in Cheltenham, UK, the group has built its business over more than 135 years, with roots dating back to 1888. Its strategy is centered on mission-critical technologies used in essential industrial processes, which gives it a strong position in niche but strategically important end markets.
The company operates through three complementary businesses. Steam Thermal Solutions supports industrial customers in managing steam across mission-critical applications such as cleaning, sterilizing, cooking, and heating. Electric Thermal Solutions designs electrical process heating and temperature management systems, together with heat tracing and related components, and plays an increasingly important role in industrial electrification and decarbonization. Watson-Marlow Fluid Technology Solutions develops peristaltic pumps, niche pumps, tubing, and fluid path technologies used for dosing, transfer, filling, and single-use applications.
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Spirax stands out for its solutions-led business model, which combines engineering, manufacturing, technical support, and customer service rather than selling equipment in isolation. The group emphasizes its installed base, local service capability, and a meaningful proportion of revenue linked to maintenance, spare parts, implementation, and customer operating budgets. It operates in nearly 70 countries, serves more than 100,000 customers, and employs about 10,000 people globally, supported by more than 30 manufacturing sites worldwide. This global footprint helps it address a diversified industrial customer base across major regions.
Its end markets include food and beverage, pharmaceuticals and biotechnology, healthcare, water and wastewater, semiconductors, chemicals, transport, power generation, oil and gas, and aerospace and defense. That diversification is an important defensive feature, while also giving the group exposure to long-term structural themes such as energy efficiency, process safety, and the industrial transition to net zero.
Recent developments reinforce this positioning. In 2025, Spirax reported full-year revenue of £1,702.9 million, compared with £1,665.2 million in 2024. For the first half of 2025, revenue was £822.2 million and adjusted operating profit was £158.8 million, with an adjusted margin of 19.3%. The group has also highlighted decarbonization solutions, including technologies designed to electrify boilers and other industrial heating applications. In addition, Spirax continues to publish regular market disclosures through RNS announcements, including PDMR notifications, underscoring a disciplined communications approach suited to institutional investors.
For French-speaking investors, Spirax Group can be viewed as a high-quality industrial compounder with global reach, technical depth, recurring service exposure, and structural support from industrial decarbonization and process optimization.
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