Rotork PLC on Tuesday backed its full-year outlook amid strong orders and rising sales.
In a trading update covering the first quarter to March 29, the Bath, England-based manufacturer of industrial flow control equipment said order intake was good, up low single digits against a strong comparative which benefitted from higher levels of project activity.
‘The outlook for our end markets remains positive and our order book gives us good visibility into the second half of the year. Our full year expectations are unchanged and we continue to anticipate 2024 to be another year of progress,’ Rotork said in a statement.
Shares in Rotork rose 3.5% to 327.00 pence each in London on Tuesday morning.
All divisions achieved higher orders year-on-year, the firm said.
Rotork reported revenue in the three months grew mid-teens year-on-year, reflecting the strength of the opening order book and an improved supply chain performance.
Oil & Gas and Water & Power sales were well ahead whilst Chemical, Process & Industrial sales were modestly lower, it said.
Revenue growth was driven by the Europe, Middle East & Africa and Asia Pacific regions.
Rotork said net cash at March 29 was £148.6 million, up from £134.4 million in December.
The trading update came ahead of Tuesday’s annual general meeting.
Rotork will publish half-year results on August 6.
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