Rotork PLC on Tuesday reported a drop in profit and revenue for 2021 but believes its performance was ‘resilient’ in the face of interrupted supply chains and has guided for growth in 2022.

In 2021, the Bath-based maker of flow-control products for energy, water and chemical industries recorded pretax profit of £105.9 million, down 5.9% from £112.6 million in 2020.

Revenue slipped to £569.2 million from £604.5 million, but order intake rose to £614.1 million from £590.2 million.

Chief Executive Kiet Huynh said: ‘The group delivered a resilient performance in 2021. Demand strengthened as the year progressed and whilst supply chain challenges impacted revenues, particularly in the second half, margins and cashflows proved resilient.

‘In recent years however the group has not delivered the rates of sales growth we had hoped to achieve, in part because of Covid-19. I am convinced we can deliver on our growth ambition.’

Rotork declared a total dividend of 6.40 pence for 2021, up from 6.30p in 2020.

‘The outlook for our end markets is improving, and we entered the year with a record opening order book. However, we do not anticipate current supply chain disruptions to improve in the first half of 2022. We remain committed to the financial objectives of mid to high single digit revenue growth and mid-20s adjusted operating margins over time and, notwithstanding geopolitical uncertainties, we expect a year of solid progress in 2022,’ Huynh said.

Shares in Rotork were 3.1% higher in London on Tuesday at 318.00 pence each.

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