Rotork Plc
Trading
update
Q1 performance as expected;
good visibility into H2
30
April 2024
Rotork plc ("Rotork"), the global
provider of mission-critical intelligent flow control solutions,
issues the following trading update covering the first quarter
period from 1 January to 29 March 2024 ahead of its Annual General
Meeting to be held later today.
Trading update
Order intake was good, up low single
digits (on an OCC1 basis) against a strong comparative
which benefitted from higher levels of project activity.
All divisions achieved higher orders
year-on-year (OCC). Book-to-bill was solidly above one, returning
to the more typical levels experienced in first quarter periods
before the supply chain issues resulting from Covid.
Revenues in the three months grew
mid-teens year-on-year (OCC), reflecting the strength of the
opening order book and an improved supply chain performance. Oil
& Gas and Water & Power sales were well ahead whilst
Chemical, Process & Industrial sales were modestly lower.
Revenue growth was driven by the Europe, Middle East & Africa
and Asia Pacific regions.
The period saw a solid cash
performance and the commencement of the £50m share buyback
announced on 5 March 2024 at 2023 full year results. Net cash at 29
March 2024 was £148.6m (December 2023: £134.4m).
Outlook
The outlook for our end markets
remains positive and our order book gives us good visibility into
the second half of the year. Our full year expectations are
unchanged and we continue to anticipate 2024 to be another year of
progress on an OCC basis.
Rotork will publish 2024 half-year
results on Tuesday 6 August 2024.
¹OCC is organic constant currency
results restated at 2023 exchange rates
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Enquiries:
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Rotork plc
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Tel: +44 (0)1225 733
200
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Kiet Huynh, Chief Executive
Officer
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Ben Peacock, Chief Financial
Officer
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Andrew Carter, Investor Relations
Director
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FTI Consulting
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Tel: + 44 (0)20 3727
1340
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Nick Hasell / Susanne
Yule
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Legal Entity Identifier:
213800AH5RZIHGWRJ718
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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 16 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.