Rotork PLC (LSE:ROR)

£ 3.248 -0.044 (-1.34%) Market Cap: 2.80 Bil Enterprise Value: 2.68 Bil PE Ratio: 23.36 PB Ratio: 4.58 GF Score: 81/100

Half Year 2024 Rotork PLC Earnings Call Transcript

Aug 06, 2024 / 07:30AM GMT

Release Date Price: £3.28 (-0.61%)

Transcript

Kiet Huynh

Rotork PLC - Chief Executive Officer, Executive Director

Good morning, everyone. Thank you for joining us as we discuss our 2024 first half results. Alongside me is Ben Peacock, our CFO. I'll start today's presentation with my highlights of the period. We delivered a strong start to 2024, building on the excellent momentum established in the second half of last year, and I'd like to thank all our staff for their hard work in the first half.

Group sales grew 11.6% on an OCC basis, with oil and gas and water and power sales 20% higher year on year. CPI sales were lower largely due to the result of non-repeat mining projects. Overall, I'm pleased with our target segment approach, which delivered sales growth above the group level. RSS contributed 22% to group revenues and again grew faster than the group overall.

Operating margins increased almost 200 basis points to above 21%, returning to the levels typically seen in the first half pre-COVID. The increase in margin reflected the higher sales and good operating leverage and was achieved whilst making Growth+ related

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