Rotork revenue rises on energy sector demand; shares hit record [Reuters]
ROTORK PLC ADR (RTOXY)
NASDAQ:AMEX Investor Relations:
rotork.com/en/investors/index
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Source: Reuters
Rotork revenue rises on energy sector demand; shares hit record | Reuters Reuters Staff 1 Min Read April 23 (Reuters) - British industrial group Rotork Plc on Monday reported a 10.2 percent rise in first-quarter revenue on higher demand from oil and gas producers, sending its shares to an all-time high. Order intake rose 20.9 percent in the first quarter as Rotork’s energy sector customers spent more on maintenance and upgrades to compensate for the lack of investment over the previous few years. Rotork, which makes valve-control systems for the oil and gas markets, said investment in larger projects improved towards the end of the quarter. “In oil and gas, we saw growth in upstream and the improvement that we saw in downstream in the last quarter of 2017 continued,” the company said. Rotork said it experienced stronger-than-anticipated order intake in the first quarter and now expects mid-to-high single-digit growth in full-year revenue. Shares of the company were up about 9 percent
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