Specialist Bath engineering group Rotork today defied the global gloom by unveiling a sparkling set of financial results with each of its divisions achieving record order intake, revenue and profit.
The figures for the half-year to June 30 show Rotork’s order book was 13% higher than last December at £177.7m. Order intake was up 18.2% while revenue at £245.9m was up 23.3% and adjusted operating profit was 22.8% higher at £61.7m.
The firm designs and manufactures electric, pneumatic and hydraulic valve actuators and gearboxes for the global oil and gas industries.
Chief Executive Peter France said the group expects to maintain its growth. “Whilst recognising the challenging economic environment, our record order book and diverse end market exposure provide the board with confidence of achieving further progress in the full year,” he said.
While the global economic climate impacted on a number of its businesses with weaker order placements in countries such as India and China, it said its diverse end-user market and geographic coverage enabled it to focus on markets and geographies where growth was the strongest.
“The visibility of projects in the second half is good and we expect our markets in the Middle East, South America, USA and Russia to remain active,” the group said.
