Rotork sees FY slightly ahead as Q1 sales rise on strong order book

28th Apr 2023 07:42

(Sharecast News) - Specialist engineer Rotork said it expected adjusted operating profit to be slightly ahead of expectations driven by strong order intake.

Sales for the three months to April 2 rose 18% against a more supply-chain disrupted comparative period and benefited from both volume and selling price increases, with all divisions and regions ahead year-on-year and with particularly strong growth in the Americas, the company said on Friday.

Order intake was ahead a mid-teen percentage year-on-year on an organic constant currency basis, with all divisions making "encouraging progress", Rotork said.

"Our orders continue to be driven largely by customers' operational spend. In addition, in the period we saw a return of a relatively high level of large project activity."

"The outlook for our end markets remains positive and our record order book gives us good visibility into the second half of the year. We are encouraged by the early momentum we are seeing with our growth+ strategy and are investing in the programme as planned. Whilst we are cognisant of the continuing global macro-economic uncertainty, we now expect 2023 adjusted operating profit to be slightly ahead of our earlier expectations."

Reporting by Frank Prenesti for Sharecast.com