Last checked at 22 Nov 2023 07:00
22 November 2023
Rotork Plc
Trading update
Continued order momentum, full year expectations confirmed
Rotork plc ("Rotork"), the market-leading global provider of mission-critical intelligent flow control solutions, today issues the following trading update covering the four-month period to 29 October 2023.
The Group's performance over the period was in-line with expectations. Order intake showed improvement on the 2022 comparator period on an organic constant currency1 (OCC) basis, with all divisions ahead led by Oil & Gas and Water & Power. For the 10 month period, Group order intake was up nearly 10% (OCC).
The supply chain challenges which held back deliveries to customers earlier in the year are improving.
Rotork confirms expectations for strong growth in full year revenues on an OCC basis and for year-on-year improvement in full year adjusted operating profit margins.
The Group remains highly cash generative and has a strong balance sheet. Net cash at 29 October 2023 was £103m (June 2023: £98m). During the period Rotork paid an interim dividend and the consideration for the acquisition of Hanbay (together c. £40m).
Rotork will publish 2023 full-year results on Tuesday 5 March 2024.
- Ends -
Notes:
Market expectation for 2023 revenue growth on an OCC basis is 12.6% and for adjusted operating profit margin improvement 60 basis points. Based on exchange rates from 1 January to 29 October 2023 the year-on-year currency headwind to reported full year revenues is estimated at 1.6%. Visit www.rotork.com/en/investors/shareholder-information for the detailed company-compiled consensus.
¹ OCC is organic constant currency results excluding acquired and discontinued businesses and restated at 2022 exchange rates.
Enquiries: |
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Rotork plc | Tel: +44 (0)1225 733 200 |
Kiet Huynh, Chief Executive | |
Jonathan Davis, Finance Director | |
Andrew Carter, Investor Relations Director | |
FTI Consulting | Tel: + 44 (0)20 3727 1340 |
Nick Hasell / Susanne Yule |
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Legal Entity Identifier: | 213800AH5RZIHGWRJ718 |
About Rotork
Rotork is a market-leading global provider of mission-critical intelligent flow control solutions for oil & gas, water and wastewater, power, chemical process and industrial applications. We help customers around the world to improve efficiency, reduce emissions, minimise their environmental impact and assure safety. Rotork employs about 3,200 people, has manufacturing facilities in more than 17 locations and serves 170 countries through a global service network. Its shares have a premium listing on the London Stock Exchange (symbol: ROR) and are a constituent of the FTSE 250 index. For more information please visit www.rotork.com.