Business
2024 Interim Results
2024 Interim Results.
About this update from Rotork Plc
[{"type":"text","content":"\n\nTuesday 6th August 2024\n\nRotork plc\n2024 Interim Results\nStrong H1 performance, full year expectations unchanged\n \n\n\n\n\nAdjusted highlights\n\n\nH1 2024\n\n\nH1 2023\n\n\n% change\n\n\nOCC3 % change\n\n\n\n\nOrder intake1\n\n\n£374.4m\n\n\n£386.9m\n\n\n-3.2%\n\n\n+0.2%\n\n\n\n\nRevenue\n\n\n£361.4m\n\n\n£334.7m\n\n\n+8.0%\n\n\n+11.6%\n\n\n\n\nAdjusted2 operating profit\n\n\n£76.5m\n\n\n£65.3m\n\n\n+17.1%\n\n\n+22.3%\n\n\n\n\nAdjusted2 operating margin\n\n\n21.2%\n\n\n19.5%\n\n\n+170bps\n\n\n+190bps\n\n\n\n\nAdjusted2 basic earnings per share\n\n\n6.9p\n\n\n5.8p\n\n\n+18.0%\n\n\n+26.1%\n\n\n\n\nCash conversion4\n\n\n106%\n\n\n116%\n\n\n-\n\n\n-\n\n\n\n\nReported highlights\n\n\nH1 2024\n\n\nH1 2023\n\n\n% change\n\n\n \n\n\n\n\nRevenue\n\n\n£361.4m\n\n\n£334.7m\n\n\n+8.0%\n\n\n \n\n\n\n\nOperating profit\n\n\n£66.9m\n\n\n£59.4m\n\n\n+12.5%\n\n\n \n\n\n\n\nOperating margin\n\n\n18.5%\n\n\n17.7%\n\n\n+80bps\n\n\n \n\n\n\n\nProfit before tax\n\n\n£69.7m\n\n\n£60.2m\n\n\n+15.6%\n\n\n \n\n\n\n\nBasic earnings per share\n\n\n6.0p\n\n\n5.3p\n\n\n+13.7%\n\n\n \n\n\n\n\nInterim dividend\n\n\n2.75p\n\n\n2.55p\n\n\n+7.8%\n\n\n \n\n\n\n\n \nSummary\n· The Growth+ strategy is delivering with first half revenue 8.0% higher year-on-year4 on a reported basis and 11.6% ahead OCC3, with Oil & Gas and Water & Power sales well ahead and Chemical, Process & Industrial lower as a result of reduced mining sector project activity\n· Orders received were 4% above sales and marginally ahead year-on-year OCC despite the prior period including an unusually high number of large orders. Oil & Gas and Water & Power orders were slightly higher whilst Chemical, Process & Industrial orders were slightly lower\n· Our Target Segments approach - a key pillar of Growth+ - is delivering. Strong year-on-year revenue growth was reported in our upstream and midstream electrification sector (8% of first half group sales) as well as in water infrastructure and wastewater treatment\n· Adjusted operating margins were 170bps higher at 21.2%, reflecting the increased sales and good drop-through. The reported operating margin was 18.5%\n· ROCE5 was 36.9% (H1 2023: 32.7%). We retain a strong balance sheet with...