Bath-headquartered specialist manufacturer Rotork has said it is actively looking for “suitable acquisition opportunities” as it continues to target growth areas in its markets, control costs and invest in innovation.
A trading update for the four months to 27 October, the group, which designs and makes high-quality flow control equipment for the global oil, gas, water and power industries, showed it was continuing to benefit from stronger performances in its key sectors.
Group order intake was 8% higher year-on-year on an organic constant currency basis, with all three divisions ahead, led by water & power and oil & gas.
Oil & Gas was particularly active in the Middle East and the Americas as customers focused on increased production, particularly of gas, and delivering on their decarbonisation commitments.
Rotork said its full-year expectations were unchanged, it remained highly cash generative and retained a strong balance sheet.
As a result, it continued to see 2024 as another year of progress.
The group, which employs about 3,200 people across its 16 manufacturing sites worldwide, spent much of last year recovering from worldwide supply chain bottlenecks, including a major shortage of microchips and semi-finished components such as circuit boards caused by pandemic-related lockdowns.
But improvements in its core markets and the early success of its Growth+ strategy introduced last year has given it a brighter outlook.
It said it remained active in looking for suitable acquisition opportunities, consistent with the Growth+ strategy.
Rotork, which has manufacturing facilities in 16 locations and serves 170 countries, will publish 2024 full-year results on 11 March.
