Business
2023 Preliminary Results
2023 Preliminary Results.
About this update from Rotork Plc
[{"type":"text","content":"\n\nTuesday 5th March 2024\n\nRotork plc\n2023 Preliminary Results\nStrong delivery of Growth+ strategy; entering 2024 with confidence\n \n\n\n\n\nAdjusted highlights\n\n\n2023\n\n\n2022\n\n\n% change\n\n\nOCC3 % change\n\n\n\n\nOrder intake1\n\n\n£723.7m\n\n\n£681.6m\n\n\n+6.2%\n\n\n+7.8%\n\n\n\n\nRevenue\n\n\n£719.1m\n\n\n£641.8m\n\n\n+12.0%\n\n\n+13.6%\n\n\n\n\nAdjusted2 operating profit\n\n\n£164.5m\n\n\n£143.2m\n\n\n+14.8%\n\n\n+17.3%\n\n\n\n\nAdjusted2 operating margin\n\n\n22.9%\n\n\n22.3%\n\n\n+60bps\n\n\n+70bps\n\n\n\n\nAdjusted2 basic earnings per share\n\n\n14.6p\n\n\n12.7p\n\n\n+14.8%\n\n\n+17.0%\n\n\n\n\nCash conversion4\n\n\n120%\n\n\n76%\n\n\n-\n\n\n-\n\n\n\n\nReported highlights\n\n\n2023\n\n\n2022\n\n\n% change\n\n\n \n\n\n\n\nRevenue\n\n\n£719.1m\n\n\n£641.8m\n\n\n+12.0%\n\n\n \n\n\n\n\nOperating profit\n\n\n£148.8m\n\n\n£123.6m\n\n\n+20.4%\n\n\n \n\n\n\n\nOperating margin\n\n\n20.7%\n\n\n19.3%\n\n\n+140bps\n\n\n \n\n\n\n\nProfit before tax\n\n\n£150.6m\n\n\n£124.1m\n\n\n+21.4%\n\n\n \n\n\n\n\nBasic earnings per share\n\n\n13.2p\n\n\n10.9p\n\n\n+21.7%\n\n\n \n\n\n\n\nFull year dividend\n\n\n7.20p\n\n\n6.70p\n\n\n+7.5%\n\n\n \n\n\n\n\n \nSummary\n· Order intake was 7.8% higher year-on-year on an OCC basis with orders ahead at all divisions\n· Deliveries accelerated in the second half as supply chain challenges were overcome resulting in some normalisation of the order book which remained strong at period end\n· Revenue increased 12.0% year-on-year despite a significant foreign exchange headwind which strengthened through the second half. On an OCC basis sales grew 13.6% year-on-year with all divisions making strong progress\n· Adjusted operating margins were 60bps higher year-on-year at 22.9%. The reported operating margin was 20.7%\n· Rotork received a rating of AAA in the MSCI ESG ratings assessment and reduced its scope 1 and 2 GHG emissions by 11% year-on-year\n· Closing net cash was £134.4m (December 2022: £105.9m). ROCE4 was 33.9% (up 260bps)\n· £50m share buyback programme announced\nKiet Huynh, Chief Executive, commenting on the results, said: \n\"We continued to make significant progress in 2023 and delivered another year of stron...