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Rotork profit jumps 54%; sees sales growth slowing in 2019

By BFN News | 07:42 AM | Monday 04 March, 2019

Flow control equipment manufacturer Rotork posted a 54% rise in annual profit as sales, as it experienced strong sales growth from oil and gas customers. The company, however, forecast revenue growth to slow in 2019. Pre-tax profit for the year through December rose to £120.7m, as revenue climbed 8.3% to £695.7m. On an organic constant currency, or OCC, basis, revenue rose 11%. Adjusted pre-tax profit, which stripped out one-off gains and losses, rose 18% to £143.8m. Rotork declared a full-year dividend of 5.90p per share, up 9.3% on-year. 'Following double-digit OCC revenue growth in 2018, and mindful of macroeconomic uncertainty, we are planning for slower growth in 2019,' chief executive chief executive Kevin Hostetler said. 'Based on our current assessment of project phasing, we expect to deliver modest sales growth on an OCC basis in 2019, with lower year on year sales in the first half reflecting the strong comparator period.' 'Margins will benefit from the restructuring plans under our growth acceleration programme and the implementation of additional cost saving initiatives.' 'Overall, we expect full year margins to show progress on 2018.' Story provided by

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