Rotork (LON: ROR) shares jumped Wednesday after the company released a trading update for the four-month period to October 30.
YOUR CAPITAL IS AT RISK
Bath-based Rotork’s shares opened the session higher and now sit at +3.5%. In 2022 the stock is down over 18%.
The industrial flow control equipment manufacturer said revenues in the four months grew 18.6% year-on-year, benefitting from higher selling prices and the supply chain improvement measures the company implemented over the last 18 months, which included the direct purchasing and forward buying of semiconductors, the securing of contracted logistics routes, re-certification and re-engineering of products, and tactical inventory build.
Rotork added that order intake during the period was ahead by a low single-digit percentage, with October’s order intake said to be “encouraging” and solidly ahead year-on-year.
The firm’s net cash on October 30 was £79.4 million.
Looking ahead, Rotork expects 2022 adjusted operating profit to be in line with expectations, while it expects to enter 2023 with a record order book “that is significantly higher” than when it started this year.
The company will publish its full-year results on Tuesday, February 28, 2023.