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(Sharecast News) - Rotork said in a trading update on Tuesday that first-quarter order intake showed positive growth, up in the low single digits compared to the previous year, on an organic constant currency (OCC) basis.
That growth came even amid a strong comparative period, which benefited from higher levels of project activity.
All divisions experienced higher orders year-on-year, contributing to a solid book-to-bill ratio that exceeded one.
The board said the return to typical levels of performance in the first quarter indicated improved supply chain conditions compared to previous periods affected by Covid-related disruptions.
Revenues for the quarter grew in the mid-teens year-on-year, on an OCC basis, driven by a robust opening order book and improved supply chain performance.
Sales in the Oil & Gas and Water & Power sectors saw significant increases, while Chemical, Process & Industrial sales were slightly lower.
Revenue growth was particularly strong in the Europe, Middle East & Africa, and Asia Pacific regions.
During the period, Rotork managed a solid cash performance and initiated a £50m share buyback programme, announced in March.
As of 29 March, net cash stood at £148.6m, indicating healthy financial liquidity compared to December.
"The outlook for our end markets remains positive and our order book gives us good visibility into the second half of the year," the company's board said in its statement.
"Our full year expectations are unchanged and we continue to anticipate 2024 to be another year of progress on an OCC basis."
Rotork said it would publish 2024 half-year results on 6 August.
Reporting by Josh White for Sharecast.com.
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