Abstract: An annular heat exchanger suitable for a gas turbine engine comprises a first continuous sheet of material arranged in a spiral and a second continuous sheet of material arranged in a spiral. A first axially extending passage is defined between the first surface of the first sheet and the third surface of the second sheet and a second axially extending passage is defined between the second surface of the first sheet and the fourth surface of the second sheet. The first passage is closed at its axial ends by spiral seals between the first sheet and the second sheet. The second passage is open at its axial ends. A plurality of radially extending passages are provided to supply a first fluid at a first end into the first passage, to remove the first fluid from a second end of the first passage and to interconnect adjacent turns of the first passage. The passages extend radially through the second passage.