- Rotork, which manufacturers industrial flow-control equipment, said its adjusted annual profit rose, as a 'modest' recovery in trading conditions picked up momentum in the second half of the year.

Adjusted pre-tax profit rose 5.8% to £124.8m, as revenue grew by 8.8% to £642.2m.

Statutory pre-tax profit, which included acquisition and restructuring costs, fell 11.5% to £80.6m.

The company declared a full-year dividend of 5.40p, up 5.9% on 2016.

'During the year, we saw a return to more favourable market conditions,' executive chairman Martin Lamb said.

'We saw modest recovery in certain markets and geographies in the first half of the year with a continued improvement during the second half.'

Lamb said the company expected to grow revenue in the mid-to-high single digits in 2018, though its reported results would be impacted by a 4-5% currency headwind on both revenue and profits.

'Adjusted operating profit margins are expected to be similar, with contributions from higher volumes offset by increased investments in new products, expansion of our service infrastructure, and accelerated investment in our systems and IT capabilities,' Lamb added.

One-off costs associated with an ongoing strategic reviews were likely to be at similar levels in the first half of 2018 to the second half of 2017.

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