Here is a summary of the key points from the trading update provided by Rotork PLC
Rotork PLC, a global provider of intelligent flow control solutions, released a trading update for the four-month period ending October 27, 2024.
The Groups performance met management expectations, with an 8% year-on-year increase in organic constant currency (OCC) order intake. All three divisions contributed to this growth, particularly Water & Power and Oil & Gas.
Oil & Gas division saw increased activity in Upstream Electrification, Downstream segments, and the EMEA and Americas regions. Customers focused on increased production and decarbonization commitments.
Chemical Process & Industrial (CPI) division revenues grew year-on-year, with a rebound in Americas and China sales. Growth was driven by the chemical, HVAC, and marine and transportation segments.
Water & Power division experienced strong growth in water and power sectors, with good activity in wastewater treatment and water infrastructure projects in APAC, the Americas, and EMEA.
Rotorks Growth+ strategy is delivering strong momentum, with progress in Target Segments, Customer Value, and Innovative Products & Services initiatives.
The company remains highly cash-generative with a strong balance sheet. Net cash as of October 27, 2024, was £106 million, with Rotork returning £44 million to shareholders during the period.
Rotork expects 2024 to be a year of progress, with full-year results to be published on March 11, 2025.