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Rotork PLC (LSE:ROR) has reported an increase in profit for the first half of 2024, with pretax profit rising by 16% to £69.7 million from £60.2 million in the same period last year. The company, based in Bath, England, also saw its revenue grow by 8% to £361.4 million, up from £334.7 million in the previous year.
Dividend Increase and Guidance Reaffirmation
Reflecting its performance, Rotork has raised its interim dividend by 7.8%, from 2.55 pence per share to 2.75 pence per share. The company has also reaffirmed its guidance for the year, maintaining its expectations for continued progress.
Order Intake and Segment Performance
Despite the overall growth, Rotork's order intake declined by 3.2%, falling to £374.4 million from £386.9 million. This decrease was attributed to reduced activity in certain sectors, particularly mining. However, the company's strategic focus on Target Segment sales, which constitute half of its revenue, showed growth. Notable increases were seen in the Oil & Gas and Water & Power sectors, with revenues rising by 17% and 16%, respectively. In contrast, sales in the Chemical, Process & Industrial sector fell by 8.7%.
Sector-Specific Developments
The growth in the Oil & Gas and Water & Power sectors was driven by increased demand in water infrastructure, desalination, and oil & gas electrification. However, the company experienced a reduction in sales from the mining sector, which impacted overall order intake.
Outlook and Expectations
The order intake was encouraging in June and July, and the company's order book provides good visibility into future performance. Rotork aims to achieve mid-to-high single-digit sales growth for the full year, a decrease from the 12% growth achieved in 2023. Margins are expected to improve, reaching the mid-twenties compared to 21% previously.
Rotork's first-half results reflect an in-line performance, with profit growth and an increase in revenue. The company is confident in its ability to continue progressing throughout the year, supported by a positive outlook for its end markets and a well-positioned order book.
