Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Industrial flow control group Rotork booked a 1.6% fall in annual profit after a slump in revenue was buffered by stronger margins.
Pre-tax profit for the year through December decreased to £122.0 million, down from £124.1 million year-on-year, as revenue dropped 9.7% to £604.5 million.
Rotork declared a full-year dividend of 6.3p per share, up 1.6% year-on-year.
Adjusted operating margins rose 100 basis points to 23.6%, with all divisional margins higher, benefiting from cost savings.
Rotork said a lower order intake reflected the impact of Covid-19 on global economic activity.
On the bright side, orders in the final quarter, whilst still down year-on-year, showed signs of recovery.
'Whilst the outlook for our end markets is improving, COVID-19 related uncertainty remains,' chief executive Kevin Hostetler said.
'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.'