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Prices & Quotes - UK Markets - Rotork (ROR)

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Share Price:
Up 354.20p
Change Today:
3.20p
Market Cap:
3,096.24m
Sector:
Industrial Engineering

Rotork reports resilience in Covid-impacted year

By Josh White

Date: Tuesday 02 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Rotork reported a 12.4% decline in order intake in its full-year results on Tuesday, to 590.2m, reflecting the impact of Covid-19 on global economic activity.
The FTSE 250 industrial flow control engineering company said orders in the final quarter, while still down year-on-year, showed signs of recovery.

It said revenues were 7.4% lower year-on-year at 604.5m, due to subdued large project activity, customer site access issues at Rotork Site Services, and disruption to production and logistics.

Adjusted operating profit slipped 5.6% to 142.5m, while the firm's adjusted operating margins were ahead 100 basis points at 23.6%, with all divisional margins higher, benefiting from savings generated by the board's growth acceleration programme.

The board said the flowthrough of sales declines to adjusted operating profit from 2019 was limited to 12%, which it said demonstrated the group's improved cyclical resilience.

Year-end net cash, after the payment of the 33.9m dividend in September, was 72.0m higher year-on-year at 178.1m, while the company's return on capital employed increased 10 basis points to 31.9%.

"Rotork delivered a resilient performance in an unprecedented period," said chief executive officer Kevin Hostetler.

"Adjusted operating margins were 100 basis points higher year-on-year, and ahead of consensus expectations, despite sales being down on the prior period.

"Our growth acceleration programme continued to deliver planned benefits, despite the challenging external environment, and we took the opportunity to bring forward some actions scheduled for later years."

Hostetler said that, while the outlook for the company's end markets was improving, Covid-19-related uncertainty remained.

"Our production facilities are currently operating largely as normal, we have a solid order book and the considerable flexibility provided by our strong balance sheet.

"Our investments in IT systems, targeted geographies, innovation and new product development, and aftermarket activities are progressing well and yielding benefits."

The company was continuing to strengthen, Kevin Hostetler said, and was "well-placed" to benefit from recovering demand.

"We remain committed to delivering sustainable mid to high single digit revenue growth and mid-20s adjusted operating margins over time."

At 0922 GMT, shares in Rotork were up 3.6% at 370.47p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Rotork Market Data

Currency UK Pounds
Price 354.20p
Change Today 3.20p
52 Week High 376.60p
52 Week Low 235.00p
Volume 1,101,655
Shares Issued 874.15m
Market Cap 3,096.24m
Beta 0.02

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What The Brokers Say

Strong Buy 7
Buy 0
Neutral 9
Sell 0
Strong Sell 2
Total 18
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Rotork Dividends

  Latest Previous
  Final Interim
Ex-Div 08-Apr-21 20-Aug-20
Paid 21-May-21 25-Sep-20
Amount 6.30p 3.90p

Trades for 07-May-2021

Time Volume / Share Price
16:35 470,510 @ 354.20p
16:29 500 @ 354.40p
16:29 51 @ 354.80p
16:29 76 @ 354.80p
16:29 81 @ 354.40p

Rotork Key Personnel

CEO Kevin Hostetler