StockMarketWire.com - Flow control equipment provider Rotork booked a 12% rise in first-half profit as a recovery in oil and gas markets helped boost sales.

Pre-tax profit for the six months through June increased to £54.7m, as revenue climbed 10.4% to £331.0m.

On a constant currency basis, pre-tax profit grew 17.2% and 14.8%, respectively.

The company declared an interim dividend of 2.20p per share, up 7.3% on-year.

'During the first half of the year we saw a continuation of the more favourable market trends seen during the final quarter of 2017 as well as the receipt of several larger orders in the first quarter,' chief executive Kevin Hostetler said.

Hostetler said to accelerate growth the company had started an investment programme that involved an expansion of its service infrastructure and IT investment.

'Spend in these areas will continue to increase through the year,' he said.

'Management expectations for constant currency growth are unchanged.'

'We expect revenues for the full year to show high single-digit growth over last year on a reported basis, with currency headwinds reduced to around 3% at current exchange rates.'

'We continue to expect adjusted operating margins to be slightly ahead of the prior year.'










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