Rotork warns on regional weakness

Valve engineering group Rotork delivered a strong set of full year results on Tuesday, but shares dipped as the group warned on the likelihood of weakness within some regions as a result of the current economic conditions.

Revenue for the 12 months came in at £511.7m, up 14.3% from £447.8m in 2011, giving a pre-tax profit of £124.2m, up 10.3% from £112.6m a year earlier.

Basic earnings per share rose 11% from 93p to 103.1p. The full year core dividend totalled 43p, compared to 37.25p in 2011.

Over the year order intake climbed 16.8%, with the order book reaching a record high of £181m at the end of the year.

The group said that each division had achieved record results in terms of order intake, revenue and profit.

Chief Executive Peter France said: "The strong results across the group reflect the progress we have made in executing our strategy, with each division achieving record results in terms of order intake, revenue and profit.

"Our expanded product portfolio and extensive international reach position us for further growth. We will continue to invest in infrastructure, product development and sales channels both organically and by acquisition to strengthen our presence in the wider flow control market.

"The markets that we serve remain active and whilst we recognise that we are likely to see weakness within some regions due to economic conditions, the board remains confident of achieving further progress in the coming year."

The share price dipped 1.45% to 2,861p by 10:35.

NR