Bath-based specialist engineering firm Rotork is on the takeover trail again after achieving record revenues, profits and order intake last year.
The group, which makes complex actuator valves for the global oil and gas industries, made six acquisitions last year as it racked up a 17% increase in pre-tax profits to £116.5m on revenues up 17.7% at £447.8m.
Unveiling the annual results today chief executive Peter France said: “Rotork is well positioned in growth markets and the execution of our long-term strategy of expanding into the wider flow control market will provide further opportunities for growth.
“This year will see the introduction of several new products and we will also continue to look for suitable acquisition targets.
“We continue to invest in our infrastructure, product development and sales coverage to support the growth projections of the business. Whilst mindful of the uncertain economic environment, the indications we are receiving from our customers are positive. The markets that we serve, combined with our extensive product portfolio, international presence and end-market exposure, provide the board with confidence of achieving further progress in the coming year.”
The company continued to invest heavily in research and development during the year, completing the development of its next generation, multi-turn electric actuator which will be launched in the second quarter of 2012 as a successor to the flagship IQ series.
“This replacement product will introduce a number of new features that will help us to retain a market leading position,” the company said.
