Rotork backs guidance and launches PS50 million buyback programme
Rotork PLC on Wednesday launched a new £50 million share buyback programme as it left its financial guidance unchanged.
The Bath, England-based provider of flow control solutions completed a £50 million share buyback programme at the end of October and said it has decided to return further cash to shareholders.
The first tranche of the programme will be no more than £10 million and will end by December 19.
‘Rotork’s cash generation and balance sheet are robust, and we remain committed to our disciplined capital allocation policy. We continue to evaluate strategic acquisition opportunities aligned with our ’growth+’ strategy and have an attractive pipeline of opportunities,’ Rotork said.
In a trading update, the company said its performance in the four month period to the end of October was in line with management expectations.
Group order intake was 6% higher on-year on an organic constant currency basis, with all three divisions ahead, Rotork said.
The Oil & Gas division benefited from electrification trends in upstream markets and stable downstream markets, it said, with strong growth in the Europe, Middle East & Africa region.
Chemical, Process and Industrial had ‘particularly good growth’ with strong revenue growth in Heating, Ventilation, and Air Conditioning, including data centres, and marine markets, Rotork said.
The firm added that Water & Power showed good growth in water infrastructure, alternative energy and the Americas during the period.
‘The water market pipeline remains strong driven by regulation, infrastructure upgrades and desalination investment. The outlook for the power market remains encouraging, particularly in the nuclear segment,’ it said.
The firm left its full-year expectations unchanged and said it continues to expect 2025 to be ‘another year of progress’ on an organic constant currency basis.
Shares in Rotork were up 3.6% at 338.80 pence on Wednesday morning in London.
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