(Alliance News) - Rotork PLC on Monday initiated the second tranche of its GBP50 million share buyback.
Shares in Rotork were trading up 0.1% at 360.40 pence each in London on Monday morning.
Rotork is a Bath-based company which makes flow-control products for the energy, water and chemical industries.
The FTSE 250-constituent announced plans to repurchase up to 10 million further shares in this second tranche.
Rotork said it will pay up to GBP30 million for the second part of its share buyback, which will run from Monday until up to the end of 2021.
The second tranche of the programme will be carried out independently by JP Morgan Securities PLC through an irrevocable non-discretionary agreement, the company added.
Rotork first announced its share buyback programme on August 18. The company allotted GBP20 million for the first tranche, which ran from August 19 to no later than September 30.
In the first half of 2021, the company reported a 1.8% increase in revenue to GBP288.3 million from GBP283.2 million a year prior. Pretax profit, meanwhile, rose 8.4% year-on-year to GBP54.1 million from GBP50.0 million.
By Scarlett Butler; scarlettbutler@alliancenews.com
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Rotork (ROR)