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Rotork upgrades annual profit guidance as orders recover
StockMarketWire.com
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Flow control and instrumentation group Rotork said it expected its annual adjusted operating profit to be at, or slightly above, the top end of the range of current market expectations.
Rotork's company-complied range of market expectations for adjusted operating profit in the year through December was £124 million-to-£136 million.
Third-quarter order intake showed sequential improvement, whilst remaining lower year-on-year on an organic constant currency basis (OCC), with the decline slightly less than the 15.6% experienced in the first half.
'The majority of Rotork's activity is driven by customers' operational rather than capital expenditure and they continue to spend on automation and environmental projects as well as maintenance and refurbishment,' Rotork said.
'Large project activity has remained subdued.'
During the third quarter, revenues were at 97% of the 2019 level on an OCC basis, an improvement on the first-half's 9.6% year-on-year decline.
Story provided by StockMarketWire.com
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