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Prices & Quotes - UK Markets - Rotork (ROR)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 301.80p
Change Today:
2.40p
Market Cap:
2,634.14m
Sector:
Industrial Engineering

Rotork H1 profit hit by Covid but 2019 dividend reinstated

By Michele Maatouk

Date: Tuesday 04 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Rotork reported a 4% decline in first-half profit on Tuesday as revenues were dented by the Covid-19 pandemic, but the industrial flow control equipment maker reinstated its previously-deferred final dividend for 2019.

Pre-tax profit fell to 50m from 52.2m in the first half of last year, with revenue down 11.1% to 283.2m and order intake 17.1% lower at 300.5m.

Revenues were lower mainly because Covid disrupted production facilities and Rotork Site Services, but rose sequentially through May and June. Meanwhile, the reduction in order intake reflected "a sharp reduction in global economic activity, the strong comparative period and extreme volatility in hydrocarbon prices", it said.

On the upside, profit margins were 50 basis points higher, benefiting from continued execution of the company's growth acceleration programme, cost mitigation actions, reduced discretionary spend and mix.

The company withdrew its forward guidance for the current year at the end of March due to Covid-19. "We retain this position as considerable uncertainty remains, and therefore we are not announcing a dividend in respect of this period today," said chief executive Kevin Hostetler.

However, it will be paying the previously deferred 2019 final dividend of 3.9p per share.

Hostetler added: "Whilst the outlook for our end markets remains uncertain, we entered the second half with our production facilities operating at close to normal output levels, a solid order book and the considerable flexibility provided by our strong balance sheet. We are confident that we will successfully navigate the current challenges and will be a stronger business going forward."

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Rotork Market Data

Currency UK Pounds
Price 301.80p
Change Today 2.40p
52 Week High 341.00p
52 Week Low 191.30p
Volume 1,668,809
Shares Issued 872.81m
Market Cap 2,634.14m

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What The Brokers Say

Strong Buy 4
Buy 1
Neutral 6
Sell 1
Strong Sell 2
Total 14
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Rotork Dividends

  Latest Previous
  Interim Final
Ex-Div 20-Aug-20 n/a
Paid 25-Sep-20 n/a
Amount 3.90p 0.000p

Trades for 04-Dec-2020

Time Volume / Share Price
16:35 646,440 @ 301.80p
16:29 29 @ 302.00p
16:29 341 @ 302.00p
16:29 593 @ 301.60p
16:29 3,264 @ 301.60p

Rotork Key Personnel

CEO Kevin Hostetler