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Rotork PLC on Tuesday reported a slightly weaker half-year performance, but boasted a strong order book and cautiously positive outlook for the rest of the year.
For the six months to June 30, the Bath, England-based industrial equipment manufacturer said pretax profit dropped 12% to £44.6 million from £50.7 million a year before.
Revenue dipped 2.9% to £280.0 million from £288.3 million, due to supply chain challenges in the first quarter, including the lack of availability of components such as semiconductors.
However, order intake jumped 14% to £340.1 million, reflecting an ‘encouraging’ performance from the Chemical, Process & Industrial and Oil & Gas divisions.
Shares in Rotork were up 2.0% to 263.20 pence each in London on Tuesday morning.
The firm declared a dividend of 2.4p per share, equivalent to 2.0 times cover based on adjusted earnings per share, and slightly higher than 2.35p a year prior.
‘We enter the second half with encouraging momentum, a record order book, and with our supply chain improvement actions taking effect. Whilst forecasting remains challenging due to geopolitical and macroeconomic uncertainties we continue to expect our full year results will have a greater than usual weighting to the second half, which will be even more pronounced than our previous expectations if recent sterling weakness continues,’ commented Chief Executive Kiet Huynh.
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