Supply chain problems that were holding back deliveries to customers of Bath manufacturer Rotork earlier in the year are now easing, the group has said.
Rotork, which designs and makes flow control equipment for the international oil, gas, water and chemical industries, had been hit by worldwide bottlenecks, including a major shortage of microchips and semi-finished components such as circuit boards.
As a result, profits and revenues fell at the group just as it started to recover from the impact of the pandemic.
Now in a trading update for the four months to 29 October, the group said the issue was improving and, combined with improved order intake, should lead to it achieving strong growth in full-year revenues.
Rotork, which employs around 3,200 people, has manufacturing facilities in more than 16 locations and serves 170 countries through a global service network, had already chalked up record orders earlier this year
It said for the 10-month period, group order intake was up nearly 10%.
It also said it remained highly cash generative and had a strong balance sheet. Net cash at 29 October was £103m against £98m in June.
Rotork will publish its 2023 full-year results 5 March next year.
