Spirax-Sarco shares under pressure as sales stay down

Shares in FTSE 100 Spirax-Sarco Engineering (LON:SPX) dropped by 3.90% to 11,450p (as of 10:55 GMT) after the company posted a trading update for the four months ended 31st October. Management said that all production facilities were operating without capacity constraints, but sales continued to decline albeit at a slower rate than during H1.

The company said that it was on track to meet expectations, but raised concerns that the increased COVID impacts seen in September and October could have a negative effect on industrial production and the firm’s performance.