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Rotork reports performance in line with expectation with boost to balance sheet
StockMarketWire.com
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Flow control and instrumentation group Rotork has reported that performance in the period was in line with expectations amid global disruption.
The firm reports that revenue was up mid-single digits year-on-year on an organic constant currency basis, in part reflecting the weighting of first half 2020 sales to the second quarter.
The firm reported net cash of £190.8 million at 4 April 2021, up over £12 million from the start of the year.
The current cash position reflects the firms decision to pay the £54.9m dividend (6.3p per share) in respect of 2020 in one payment, payable on 21 May.
The group stated that it remains committed to delivering sustainable mid to high single-digit revenue growth and mid-20s adjusted operating profit margins over time. Rotork will publish 2021 half-year results on Tuesday 3 August 2021.
Story provided by StockMarketWire.com
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