|
Rotork PLC on Friday said first-quarter order intake rose year-on-year across all divisions, though revenue dipped slightly due to order book phasing and a strong comparator period. The Bath, England-based provider of flow control solutions for the oil and gas, water and power, and chemical industries said order intake rose by a mid-single-digit percentage on an organic constant currency basis in the three months to March 31. All divisions saw growth, with Water & Power delivering the highest increase. Orders from the LNG liquefaction sector were also ‘strongly ahead’ year-on-year. However, revenue was ‘modestly lower’ compared to the prior year, in line with expectations, due to phasing of the order book and a tough comparison. Rotork said it continued to make ‘excellent progress’ on its Growth+ strategy during the quarter, including the successful rollout of new processes at two assembly sites in the Europe, Middle East and Africa region. The company completed the £44 million acquisition of Seoul-based Noah Valve Actuation Inc in March and reported net cash of £91.2 million at March 31, down from £125.3 million at the end of December. A £50 million share buyback, announced alongside 2024 results, began on April 7. Rotork also addressed potential cost pressures from tariffs, noting its three North American facilities - which account for around one-fifth of group sales - are located in the US and can supply most local demand. It said a surcharge increase has been implemented to offset higher tariffs. Looking ahead, Rotork said there had been no significant changes in customer behaviour since its 2024 results and that April trading was in line with expectations. ‘Whilst we are mindful of ongoing macro uncertainty, we continue to expect 2025 to be a year of progress on an OCC basis, supported by our order book and positive end markets,’ the company said. Rotork will report half-year results on August 5. Shares in Rotork were up 0.1% at 305.20 pence in London on Friday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
