Business
2020 Half Year Results
2020 Half Year Results.
About this update from Rotork Plc
[{"type":"text","content":"\n \n \n RNS Number : 9981U\n Rotork PLC\n 04 August 2020\n \n \n \n \n \n Rotork plc\n 2020 Half Year Results\n \n \n Margin expansion in uncertain times\n \n \n \n \n \n \n \n \n \n \n \n H1 2020\n \n \n \n \n H1 2019\n \n \n \n \n % change\n \n \n \n \n OCC 3 % change\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Order intake1\n \n \n \n \n £300.5m\n \n \n \n \n £362.5m\n \n \n \n \n -17.1%\n \n \n \n \n -15.6%\n \n \n \n \n \n \n Revenue\n \n \n \n \n £283.2m\n \n \n \n \n £318.6m\n \n \n \n \n -11.1%\n \n \n \n \n -9.6%\n \n \n \n \n \n \n Adjusted\n \n 2\n \n operating profit\n \n \n \n \n £61.2m\n \n \n \n \n £67.2m\n \n \n \n \n -8.9%\n \n \n \n \n -8.0%\n \n \n \n \n \n \n Adjusted\n \n 2\n \n \n \n \n operating margin\n \n \n \n \n 21.6%\n \n \n \n \n 21.1%\n \n \n \n \n +50bps\n \n \n \n \n +40bps\n \n \n \n \n \n \n Profit before tax\n \n \n \n \n £50.0m\n \n \n \n \n £52.2m\n \n \n \n \n -4.3%\n \n \n \n \n -4.0%\n \n \n \n \n \n \n Basic earnings per share\n \n \n \n \n 4.4p\n \n \n \n \n 4.6p\n \n \n \n \n -4.3%\n \n \n \n \n -3.9%\n \n \n \n \n \n \n Adjusted\n \n 2\n \n basic earnings per share\n \n \n \n \n 5.4p\n \n \n \n \n 5.8p\n \n \n \n \n -7.3%\n \n \n \n \n -7.1%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Summary\n \n \n · Order intake was lower year-on-year, reflecting a sharp reduction in global economic activity, the strong comparative period and extreme volatility in hydrocarbon prices\n \n · Revenues declined in the period, largely due to COVID-19 disruption to production facilities and Rotork Site Services, but increased sequentially through May and June\n \n · Water & Power provides essential products and services and reported an encouraging performance with sales growing 7% OCC driven by increased refurbishment activity \n \n · Flow through5 of lower revenue to adjusted operating profit from H1 2019 was limited to just 17%, and from H2 2019 was 33%, demonstrating improved cyclical resilience\n \n · Profit margins benefited from continued execution of our Growth Acceleration Programme, cost mitigation actions, reduced discretionary spend and mix\n \n · Strong balance shee...