Rotork PLC Trading Update (7831X)
28 April 2023 - 4:00PM
UK Regulatory
TIDMROR
RNS Number : 7831X
Rotork PLC
28 April 2023
Rotork Plc
Trading update
Encouraging start to 2023 and good visibility into the second
half
28 April 2023
Rotork plc ("Rotork"), the global provider of mission-critical
intelligent flow control solutions, today issues the following
trading update covering the first quarter period from 1 January to
2 April 2023 ahead of its Annual General Meeting to be held later
today.
Trading update
Order intake in the period was ahead a mid-teen percentage
year-on-year on an OCC(1) basis, with all divisions making
encouraging progress. Our orders continue to be driven largely by
customers' operational spend. In addition, in the period we saw a
return of a relatively high level of large project activity.
Revenues in the three months grew 18% year-on-year (OCC) against
a more supply-chain disrupted comparative period. Sales benefited
from both volume and selling price increases, with all divisions
and regions ahead year-on-year and with particularly strong growth
in the Americas.
We retain a strong balance sheet. As expected, the period saw a
strong cash performance, reflecting the high level of receivables
outstanding at the end of 2022, resulting in net cash at 2 April
2023 of GBP133.0m (December 2022: GBP105.9m).
Growth+ strategy
We launched our Growth+ strategy at a Capital Markets Event in
November 2022. Growth+ is designed to deliver our growth ambition
through our three pillars of Target Segments, Customer Value and
Innovative Products & Services, each underpinned by our
Enabling a Sustainable Future initiative.
We continue to see good growth opportunities in our Target
Segments. In North American upstream, for example, there is growing
momentum behind electrification in the drive to eliminate methane
emissions. In carbon capture and storage there has been a marked
pick-up in enquiries and in quotation activity in the period when
compared to the prior year.
Our Customer Value initiative, which is about putting the
customer at the forefront of everything we do, is making
encouraging progress. The 'Achieving Customer Excellence' (ACE)
programme pilots have been successful, significantly reducing the
lead times of the products targeted. We have identified a number of
further opportunities where the programme can be applied as a
priority, before rolling-out ACE to the rest of the Group.
Outlook
The outlook for our end markets remains positive and our record
order book gives us good visibility into the second half of the
year. We are encouraged by the early momentum we are seeing with
our Growth+ strategy and are investing in the programme as planned.
Whilst we are cognisant of the continuing global macro-economic
uncertainty, we now expect 2023 adjusted operating profit to be
slightly ahead of our earlier expectations.
Rotork will publish 2023 half-year results on Tuesday 8 August
2023.
(1)OCC is organic constant currency results restated at 2022
exchange rates
Enquiries:
Rotork plc Tel: +44 (0)1225 733 200
Kiet Huynh, Chief Executive
Jonathan Davis, Finance Director
Andrew Carter, Investor Relations Director
FTI Consulting Tel: + 44 (0)20 3727 1340
Nick Hasell / Susanne Yule
Legal Entity Identifier: 213800AH5RZIHGWRJ718
About Rotork
Rotork is a market-leading global provider of mission-critical
intelligent flow control solutions for oil & gas, water and
wastewater, power, chemical process and industrial applications. We
help customers around the world to improve efficiency, reduce
emissions, minimise their environmental impact and assure safety.
Rotork employs about 3,200 people, has manufacturing facilities in
more than 16 locations and serves 170 countries through a global
service network. Its shares have a premium listing on the London
Stock Exchange (symbol: ROR) and are a constituent of the FTSE 250
index. For more information please visit www.rotork.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFIASEIDFIV
(END) Dow Jones Newswires
April 28, 2023 02:00 ET (06:00 GMT)
Rotork (LSE:ROR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Rotork (LSE:ROR)
Historical Stock Chart
From Apr 2023 to Apr 2024