Somerset industrial manufacturer Rotork has reported a “strong” first-half performance on the back of improved sales. The Bath-based company posted operating profit of £66.9m – up 12.5% from £59.4m over the same period in 2023. Meanwhile revenues rose 8% to £361.4m.
Rotork designs and manufactures electric, pneumatic and hydraulic valve actuators and gearboxes. The firm said its growth strategy was “delivering” with oil and gas, and water and power sales “well ahead” for the year. Rotork added that chemical, process and industrial sales were lower as a result of reduced activity in the mining sector.
Orders received were 4% above sales and marginally ahead year-on-year OCC despite the prior period including an unusually high number of large orders.
Kiet Huynh, chief executive, said: “I am pleased with our strong first half performance which saw sales up double digits year-on-year… Orders grew marginally year-on-year on an OCC basis, against a strong comparison which benefitted from higher levels of large project activity.
“The benefits of the Target Segment approach under Growth+ are increasingly apparent. Target Segment sales, which represent around half of group revenue, are growing strongly, particularly in water infrastructure, desalination, chemicals and up- and mid-stream oil and gas electrification. Rotork Site Services is also growing strongly.
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“The outlook for our end markets remains positive, order intake was encouraging in June and July and our order book gives us good visibility.”
The company’s full-year expectations remain unchanged.