Rotork shrugs off tough conditions

2nd Mar 2010 08:32

Engineer Rotork posted a rise in profits despite tough conditions in 2009 and said it was seeing an improvement in general market conditions. Pre-tax profits for the year climbed by 20% to £90.9m on revenues that were up by 10.4% to £353.5m. The company was helped by currency benefits. On constant currency the increase in profit before tax was 5.1% on revenue that was up less than 1%.Rotork's biggest division, Rotork Controls, which accounts for about 65% of revenue saw sales revenue grow by 11.2% to £227.3m. Rotork Fluid Systems, which, with about 95% of revenues coming from the oil and gas sector has been most exposed to delays, grew revenue by 12.6%, while Rotork Gears revenues were flat at £36.8m. 'Although market conditions remain unsettled we continue to benefit from investment in product development, new facilities, expanded service capabilities and improved market penetration,' the company said. 'Quotation activity and the number of projects on our internal tracking system remain at high levels and whilst uncertainty remains on the timing of projects, we anticipate continued improvement in infrastructure and energy related markets.'