REG - Rotork PLC - Trading Update

RotorkAnnouncement

22/11/2023 07:00

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RNS Number : 1951U  Rotork PLC  22 November 2023

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
currency(1) (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
(http://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:                                  ( )
 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
 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 (http://www.rotork.com) .

 

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