REG - Rotork PLC - Trading Update

RotorkAnnouncement

30/04/2024 07:00

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RNS Number : 4786M  Rotork PLC  30 April 2024

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 OCC(1) 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

 

 Enquiries:                                  ( )
 Rotork plc                                  Tel:  +44 (0)1225 733 200
 Kiet Huynh, Chief Executive Officer
 Ben Peacock, Chief Financial Officer
 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 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 (http://www.rotork.com) .

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