StockMarketWire.com - Industrial flow control equipment manufacturer Rotork posted a 4.3% fall in first-half profit after sales were hit by Covid-19 related disruptions to production facilities.

Rotork did not declare an interim dividend, but did decide to pay its previously deferred 2019 final dividend of 3.9p per share.

Pre-tax profit for the six months through June slipped to £50.0m, down from £52.2m on-year, as revenue dropped 9.6% to £283.2m.

Rotork said margins had benefited from continued execution of its growth acceleration programme and cost cutting.

'I am pleased to report that, thanks largely to the extraordinary efforts of all our people, Rotork delivered a resilient first half performance in the face of a challenging economic environment,' chief executive Kevin Hostetler said.

'Due to the unprecedented level of uncertainty, on 31 March we withdrew our forward guidance for the current year.'

'We retain this position as considerable uncertainty remains, and therefore we are not announcing a dividend in respect of this period today.'

'We are however pleased to announce that we will be paying the previously deferred 2019 final dividend of 3.9p per share.'

'We will consider the dividend payable in respect of the whole of 2020 at the end of the year, and pay this in May 2021.'




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