Business
2023 Interim Results
2023 Interim Results.
About this update from Rotork Plc
[{"type":"text","content":"\n\n Tuesday 8th August 2023\n\nRotork plc\n2023 Interim Results\nGood first half, expectations for the full year unchanged\n \n\n\n\nAdjusted highlights\n\n\nH1 2023\n\n\nH1 2022\n\n\n% change\n\n\nOCC3 % change\n\n\n\n\nOrder intake1\n\n\n£386.9m\n\n\n£340.1m\n\n\n+13.8%\n\n\n+11.9%\n\n\n\n\nRevenue\n\n\n£334.7m\n\n\n£280.0m\n\n\n+19.5%\n\n\n+17.2%\n\n\n\n\nAdjusted2 operating profit\n\n\n£65.3m\n\n\n£53.3m\n\n\n+22.5%\n\n\n+20.2%\n\n\n\n\nAdjusted2 operating margin\n\n\n19.5%\n\n\n19.0%\n\n\n+50bps\n\n\n+50bps\n\n\n\n\nAdjusted2 basic earnings per share\n\n\n5.8p\n\n\n4.8p\n\n\n+21.9%\n\n\n+19.7%\n\n\n\n\nCash conversion4\n\n\n116%\n\n\n68%\n\n\n-\n\n\n-\n\n\n\n\nReported highlights\n\n\nH1 2023\n\n\nH1 2022\n\n\n% change\n\n\n \n\n\n\n\nRevenue\n\n\n£334.7m\n\n\n£280.0m\n\n\n+19.5%\n\n\n \n\n\n\n\nOperating profit\n\n\n£59.4m\n\n\n£44.0m\n\n\n+34.9%\n\n\n \n\n\n\n\nOperating margin\n\n\n17.7%\n\n\n15.7%\n\n\n+200bps\n\n\n \n\n\n\n\nProfit before tax\n\n\n£60.2m\n\n\n£44.6m\n\n\n+35.1%\n\n\n \n\n\n\n\nBasic earnings per share\n\n\n5.3p\n\n\n3.9p\n\n\n+34.9%\n\n\n \n\n\n\n\nInterim dividend\n\n\n2.55p\n\n\n2.40p\n\n\n+6.3%\n\n\n \n\n\n\n \nSummary\n· Order intake increased 11.9% year-on-year OCC, largely driven by volume, resulting in a record order book at period end\n· Revenue increased 17.2% year-on-year OCC against a more supply-chain disrupted comparative period, and despite some supply-chain challenges continuing. All divisions grew at rates consistent with the Group, with Target Segments delivering premium growth as expected\n· Good progress under all Growth+ pillars with new product and digital services launched and a bolt-on technology platform acquisition\n· Adjusted operating margins 50bps higher at 19.5% reflecting increased volumes partly offset by Growth+ investments. The reported operating profit margin was 17.7%\n· ROCE4 was 32.7% (up 570bps). Strong balance sheet retained with closing net cash of £97.8m (December 2022: £105.9m) reflecting 116% cash conversion and a £20m special pension contribution which facilitated a buy-in, further de-risking the pension scheme\nKiet Huynh, Chief Executive, commenting on the results, said: \n\"I'm pleased with our performance in the...