Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Rotork reports another quarter of strong trading
(Sharecast News) - Rotork said in a trading update on Tuesday that first-quarter order intake showed positive growth, up in the low single digits compared to the previous year, on an organic constant currency (OCC) basis.
That growth came even amid a strong comparative period, which benefited from higher levels of project activity.
All divisions experienced higher orders year-on-year, contributing to a solid book-to-bill ratio that exceeded one.
The board said the return to typical levels of performance in the first quarter indicated improved supply chain conditions compared to previous periods affected by Covid-related disruptions.
Revenues for the quarter grew in the mid-teens year-on-year, on an OCC basis, driven by a robust opening order book and improved supply chain performance.
Sales in the Oil & Gas and Water & Power sectors saw significant increases, while Chemical, Process & Industrial sales were slightly lower.
Revenue growth was particularly strong in the Europe, Middle East & Africa, and Asia Pacific regions.
During the period, Rotork managed a solid cash performance and initiated a £50m share buyback programme, announced in March.
As of 29 March, net cash stood at £148.6m, indicating healthy financial liquidity compared to December.
"The outlook for our end markets remains positive and our order book gives us good visibility into the second half of the year," the company's board said in its statement.
"Our full year expectations are unchanged and we continue to anticipate 2024 to be another year of progress on an OCC basis."
Rotork said it would publish 2024 half-year results on 6 August.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.