Rotork, the London-listed industrial flow-control equipment manufacturer, has announced a significant increase in pretax profit for the first half of the year. The company's revenue also experienced growth across all divisions, resulting in a record order book for the second half.
Impressive Financial Results
According to Rotork's latest financial report, pretax profit surged to £60.2 million ($77 million), compared to £44.6 million the previous year. This represents a substantial increase in profitability. Additionally, revenue saw a significant rise from £280 million to £334.7 million.
Strong Order Intake
Rotork witnessed a 14% year-on-year increase in order intake, reaching £386.9 million. This growth was primarily driven by substantial operational spending from customers. Moreover, the company received a higher number of large orders, indicating strong demand.
Interim Dividend Announcement
The board of directors has declared an interim dividend of 2.55 pence per share, which is higher than last year's dividend of 2.40 pence per share. This decision reflects the company's confidence in its ongoing financial performance.
While Rotork acknowledges the lingering challenges in the supply chain, Chief Executive Kiet Huynh expressed optimism for further progress in 2023. The company aims to meet expectations and achieve organic growth on a constant currency basis.