Revenue and profit up for Bath engineering firm Rotork
Revenue and profit are up for Bath’s Rotork despite a slow in some regions.
The Brassmill Lane firm reported revenue was up 14.3 per cent in its end of year results for 2012 to £511.7 million.
The specialist engineering company, which makes valve actuators for the gas and oil industries, said profit before tax was £124.2 million for the year, up 10.3 per cent from £112.6 million the year before. Dividend rose from 37.25p to 43p.
It also reported a record high of £181 million for its order book, up 15 per cent from December 2011.
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These figure come despite the company admitting demand had slowed in 2012.
During the year Rotork saw orders increase in the oil and gas market but said the power market had been impacted by a slowdown in China and India.
Chief executive, Peter France, said the company was pleased with the results but would remain cautious.
He said: "The strong results across the group reflect the progress we have made in executing our strategy, with each division achieving record results in terms of order intake, revenue and profit.
“Our expanded product portfolio and extensive international reach position us for further growth. We will continue to invest in infrastructure, product development and sales channels both organically and by acquisition to strengthen our presence in the wider flow control market.
“The markets that we serve remain active and whilst we recognise that we are likely to see weakness within some regions due to economic conditions, the board remains confident of achieving further progress in the coming year."
Last year Rotork opened new factories in India, Brazil, UAE and Canada and expanded its operations in Russia.
The company now has plans to expand its Bath site close to its Brassmill Lane factory and will be opening a new facility in Leeds - both sites are expected to be operational by 2013.