Rotork revenues rise in four months ended 30 october

Flow control equipment manufacturer Rotork said on Wednesday that revenues had grown 18.6% year-on-year in the four months ended 30 October, with the group benefiting from higher selling prices and supply chain improvement measures.

Rotork said activity in the period was driven by customers' operational expenditure and continued spend on automation, electrification, and digitalisation projects as well as modernisation and maintenance.

The FTSE 250-listed group also stated that order intake was up "a low single-digit percentage" year-on-year on an organic constant currency basis and highlighted that it retains "a strong balance sheet" with net cash of £79.4m at the end of October.

Rotork added that it expects 2022 adjusted operating profits to be in line with expectations on an organic constant currency basis and anticipates that it will enter 2023 with a record order book that is "significantly higher" than when it started the current year.

As of 0850 GMT, Rotork shares were up 2.87% at 293.80p.

Reporting by Iain Gilbert at Sharecast.com