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Rotork profit edges back 1.6%; lifts dividend amid stronger margins
StockMarketWire.com
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Industrial flow control group Rotork booked a 1.6% fall in annual profit after a slump in revenue was buffered by stronger margins.
Pre-tax profit for the year through December decreased to £122.0 million, down from £124.1 million year-on-year, as revenue dropped 9.7% to £604.5 million.
Rotork declared a full-year dividend of 6.3p per share, up 1.6% year-on-year.
Adjusted operating margins rose 100 basis points to 23.6%, with all divisional margins higher, benefiting from cost savings.
Rotork said a lower order intake reflected the impact of Covid-19 on global economic activity.
On the bright side, orders in the final quarter, whilst still down year-on-year, showed signs of recovery.
'Whilst the outlook for our end markets is improving, COVID-19 related uncertainty remains,' chief executive Kevin Hostetler said.
'Our production facilities are currently operating largely as normal, we have a solid order book and the considerable flexibility provided by our strong balance sheet.'
Story provided by StockMarketWire.com
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