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Director dealings: Rotork operations chief puts skin in the actuator game

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Director dealings: Rotork operations chief puts skin in the actuator game

Mon, 08 May 2017
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Director dealings: Rotork operations chief puts skin in the actuator game

(ShareCast News) - Rotork's operations director spent £100,000 on shares in the engineer just over a week after it reported a rise in order intake and revenue for the first quarter and reiterated its full year expectations.
Robert Spurr picked up £49,860 at a price of 237.43p alongside purchases by him and his wife at prices of 236.33p and 236.34p for a combined £49,630.

A week ago last Friday, the actuator manufacturer and flow control company reported that order intake rose 19.7% and lifted revenue 14.5% in the period from the start of the year to 2 April, benefiting from favourable exchange rates and the contribution from acquisitions.

Looking ahead, Rotork said it expected any near-term growth in energy markets to remain modest.

However, the company said its strategy of expanding its end markets and products organically and through acquisition has resulted in a strong product portfolio, diverse end market exposure and a geographic presence that will generate continued opportunities.

Analysts at JP Morgan Cazenove earlier last month upgraded the stock to 'overweight' from 'neutral' and lifted the price target to 265p from 230p, saying the company was positioned to return to growth.

The bank said it reckons the group's earnings power has increased and earnings can significantly exceed previous peaks.

"Our analysis increases our confidence that end-market headwinds are easing, the group remains well positioned to benefit from the recovery and growth opportunities exist outside of just oil & gas capex."

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