Rotork buys Seoul's Young Tech, posts record full-year earnings

4th Mar 2014 07:47

- Buys Seoul based Young Tech - Full-year earnings fuelled by product and geographic expansion- Lifts full-year dividend, confident for year aheadBritish manufacturing company Rotork reported record full-year revenue and profit as it acquired Seoul, South Korea-based valve and accessories manufacturer Young Tech. The acquisition, for £64m in cash, is subject to regulatory approval. In a separate statement, the FTSE-250 engineering group said pre-tax profit increased 11.1% to £138.0m for the year ended December 31st 2013, while revenue for the year rose 13.0% to £578.4m. Chief Executive Peter France said: "Our strategy of expanding our product portfolio, geographic reach and end market exposure has enabled us to deliver another year of record order intake, revenue and profit. "We continue to invest for growth, increasing our international sales network and expanding our product portfolio both organically and by acquisition to strengthen our presence in the wider flow control market."The group's order book rose 3.8% to £187.8m from December 2012. Rotork added that while weakness within some regions due to economic conditions and currency headwinds will likely persist, it believes that the global markets that it serves remain active, providing further opportunities for growth."The board remains confident of achieving further progress in the coming year."A full year dividend of 48.05p has been recommended, up 11.7% from the previous year. CJ