Engineering firm is planning for strong growth next year

Engineering firm Rotork says current trading is in line with expectations despite tough conditions.

The international provider of valves has issued a trading update covering the four-month period to the end of October.

The Bath based firm said performance over the period was in line with expectations.

Order intake showed improvement on the 2022 comparator period on an organic constant currency  basis, with all divisions ahead led by oil and gas and water and power.

For the 10 month period, group order intake was up nearly 10 per cent.

The supply chain challenges which held back deliveries to customers earlier in the year are improving.

Rotork confirms expectations for strong growth in full year revenues on an OCC basis and for year-on-year improvement in full year adjusted operating profit margins.

The group remains highly cash generative and has a strong balance sheet. Net cash at 29 October 2023 was £103m.

During the period Rotork paid an interim dividend and the consideration for the acquisition of Hanbay for £40m.

Rotork will publish its full-year results in March.