Rotork profits rise on higher prices, volumes

28th Feb 2023 07:55

(Sharecast News) - Industrial flow control maker Rotork on Tuesday reported a rise in full-year earnings as higher prices and volumes offset cost inflation.

The company said 2022 pre-tax profits rose to £124m compared with £106m a year earlier. Sales surged to £641.8m from £569.2m as deliveries rebounded in the second half of the year and the company mitigated supply chain disruption.

Total dividends were raised 4.7% to 6.7p a share.

"In response to the component cost inflation experienced during the year we raised prices twice in 2022. We are all too aware of the challenge of out-of-cycle price rises to customers and the increases implemented were carefully designed to cover the higher costs we experienced," Rotork said.

"The outlook for our end markets is positive and we entered the year with a record opening order book. Whilst mindful of the uncertain economic outlook, we expect a year of further progress in 2023," said chief executive Kiet Huynh.

Reporting by Frank Prenesti for Sharecast.com