Rotork PLC on Tuesday reported a higher profit in the first half of 2023, as revenue grew faster than order intake as the company benefited from raising its prices.

The Bath England-based industrial flow control equipment company said in the six months to June 30, pretax profit jumped 35% to £60.2 million from £44.6 million. Basic earnings per share improved 35% to 5.3 pence from 3.9p.

The company said profit was up ‘reflecting volume growth and positive net price/mix which together were partly offset by annual wage inflation, investment in our Growth+ strategy and the bringing forward of salary increases.’

Revenue rose 20% to £334.7 million from £280.0 million, growing faster than order intake, which climbed 14% to £386.9 million from £340.1 million.

Rotork declared an interim dividend of 2.55p per share, up 6.3% from 2.40p a year prior.

Looking ahead, Chief Executive Officer Kiet Huynh said the outlook for all divisions is positive with a ‘record order book’ in the current second half of 2023.

Rotork shares rose 0.4% to 297.00p per share on Tuesday morning in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.