Spirax-Sarco, the steam control specialist, is cutting back its spending on new plant because of the damaging effect of the strong pound.
Planned expenditure for the next half year is expected to be £6.5m, down from £8m last year. The money will be spent on equipment and efficiency improvements.
Strong currency also hit the bottom line. Translation and transaction costs, where Spirax held its prices and absorbed the effects of currency, meant turnover took a knock of £15m, resulting in a 4% drop to £131.3m.