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Rotork PLC on Friday said it expects annual profit to top expectations, as the industrial valve manufacturer benefitted from volume and price increases in its first-quarter.
Rotork said revenue in the quarter ended April 2 surged 18% year-on-year on an organic constant currency basis. By the same measure, order intake was up by a ‘mid-teen percentage’. It had seen ‘more supply-chain’ disruption a year prior.
The company said its three divisions, Oil & Gas, Water & Power, and Chemical, Process & Industrial, all made ‘encouraging progress’.
‘Sales benefited from both volume and selling price increases, with all divisions and regions ahead year-on-year and with particularly strong growth in the Americas,’ Rotork said.
‘The outlook for our end markets remains positive and our record order book gives us good visibility into the second half of the year. We are encouraged by the early momentum we are seeing with our Growth+ strategy and are investing in the programme as planned. Whilst we are cognisant of the continuing global macro-economic uncertainty, we now expect 2023 adjusted operating profit to be slightly ahead of our earlier expectations,’ Rotork added.
It did not say what the expectations were. Adjusted operating profit in 2022 amounted to £143.2 million.
Rotork shares rose 2.0% to 322.20 pence each in London on Friday morning.
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