LONDON (dpa-AFX) - Rotork plc (ROR.L), on Tuesday, issued a trading update for the first quarter and said it continues to anticipate 2024 to be another year of progress on an OCC basis.
The company stated that its order intake was good, up low single digits, on an OCC basis, against a strong comparative which benefitted from higher levels of project activity.
All divisions recorded higher orders year-on-year (OCC). Book-to-bill was solidly above one, returning to the more typical levels experienced in the first quarter periods before the supply chain issues resulting from Covid.
During the quarter, the company's revenues grew by mid-teens year-on-year (OCC), reflecting the strength of the opening order book and an improved supply chain performance. While Oil & Gas and Water & Power sales experienced significant growth, Chemical, Process & Industrial sales observed a modest decline. The revenue growth was primarily driven by Europe, the Middle East & Africa, and Asia Pacific regions.
During the period, the company's cash performance was robust, with the commencement of a £50 million share buyback on 5th March 2024, following the 2023 full-year results. The company's net cash position as of 29th March 2024 was reported at £148.6 million, representing an increase from £134.4 million as of December 2023.
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