20th Nov 2024 09:50
(Alliance News) - Rotork PLC on Wednesday said its performance in the four months to the end of October was in line with management and market expectations, with all three divisions increasing their order intake.
Bath, England-based Rotork provides flow control solutions for the oil and gas, water and power, and chemical industries.
The company's order intake grew 8% year-on-year on an organic constant currency basis. This compares to 2024 market expectations cited by Rotork of 7.7% growth.
Order intake increased in all three divisions, with the largest growth in water and power, and oil and gas. Rotork said its oil and gas customers are focused on increased production, particularly in gas.
Rotork shares were up 2.7% to 323.20 pence in London on Wednesday morning.
Net cash including lease liabilities was down 11% to GBP106 million from GBP119 million in June.
During the four month period, Rotork returned around GBP44 million to shareholders through payment of an interim dividend and the purchase of shares under a continuing GBP50 million share buyback programme, it noted.
The company said its full year expectations are unchanged and it "continues to anticipate 2024 to be another year of progress on an organic constant currency basis".
In the trading update, Rotork also confirmed that it remains "active in looking for suitable acquisition opportunities".
By Michael Hennessey, Alliance News reporter
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