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(Alliance News) - Rotork PLC said on Friday its trading in the first quarter of 2022 was broadly in-line with its expectations with "encouraging" order intake growth.
The Bath, England-based industrial equipment manufacturer said order intake was high-single digits above 2021, with its Oil & Gas division reporting the highest rate of growth.
Revenue was down mid-single digits against the previous year. This, Rotork explained, was due to continued component availability challenges, the stoppage of deliveries to Russia and reduced deliveries from Shanghai facility.
The company ceased deliveries to Russia at the start of March and is currently suspending its sales and services operations in the country. The Russia, Ukraine and Belarus region contributed around 3% to sales in 2021.
The Shanghai facility is currently closed as Shanghai is a Covid-19 lockdown area. As a result, the company said it is having to manage supply issues. It added that it anticipates the re-opening of the facility in the coming days.
In addition to disruption to its supply routes, Rotork said it is continuing to see elevated material costs. The company explained it is managing this inflation through more frequent price increases and costs reductions.
Rotork said its outlook remains positive due to its record high order book. Looking forward, the company commits itself to delivering mid- to high-single digit revenue growth.
Rotork will publish its half-year results on August 2.
Shares in Rotork were down 2% at 296.20 pence on Friday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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