(Alliance News) - Rotork PLC on Tuesday reported a higher profit in the first half of 2023, as revenue grew faster than order intake as the company benefited from raising its prices.
The Bath England-based industrial flow control equipment company said in the six months to June 30, pretax profit jumped 35% to GBP60.2 million from GBP44.6 million. Basic earnings per share improved 35% to 5.3 pence from 3.9p.
The company said profit was up "reflecting volume growth and positive net price/mix which together were partly offset by annual wage inflation, investment in our Growth+ strategy and the bringing forward of salary increases."
Revenue rose 20% to GBP334.7 million from GBP280.0 million, growing faster than order intake, which climbed 14% to GBP386.9 million from GBP340.1 million.
Rotork declared an interim dividend of 2.55p per share, up 6.3% from 2.40p a year prior.
Looking ahead, Chief Executive Officer Kiet Huynh said the outlook for all divisions is positive with a "record order book" in the current second half of 2023.
Rotork shares rose 0.4% to 297.00p per share on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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Rotork (ROR)