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Rotork H1 Pre-tax Profit Declines - Quick Facts

Rotork plc (ROR.L) on Tuesday reported that its profit before tax for the first half of 2019 declined 4.5 percent to 52.2 million pounds from 54.7 million in the previous year.

Profit for the period was 39.9 million pounds or 4.6 pence per share, down from 41.2 million pounds or 4.7 pence per share in the prior year.

However, adjusted earnings per share rose to 5.8 pence from 5.6 pence in the previous year.

Revenue for the period declined 3.7 percent to 318.6 million pounds from 331.0 million pounds in the prior year. On an OCC basis, revenue decreased 4.3 percent.

Group order intake in the period edged down 0.6 percent, or 1.3 percent on an organic constant currency or OCC basis.

The company noted that the decline in revenue and group order intake reflected the strong comparative period which included several large greenfield projects.

The order book at 30 June 2019 was 225 million pounds, 25.5 percent higher than at 31 December 2018.

The company declared an interim dividend of 2.30 pence per share, up 4.5 percent from 2.20 pence a year ago.

Kevin Hostetler, Chief Executive, said, "We are committed to delivering sustainable mid to high single digit revenue growth and mid 20s adjusted operating margins over time, and are pleased to report good progress in H1 despite sales, as expected, reducing year-on-year."

"Whilst macroeconomic uncertainty remains, with recent order intake and the momentum of our Growth Acceleration Programme we now expect to deliver flat sales on an OCC basis in 2019, with full year adjusted operating margins showing clear progress year-on-year," Hostetler added.

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