Interim report
Page 1
Tuesday 3rd August 2021 Adjusted highlights Order intake¹ Revenue Adjusted² operating profit Adjusted² operating margin Adjusted² basic earnings per share Cash conversion Statutory highlights Revenue Operating profit Operating margin Profit before tax Basic earnings per share Interim dividend5 Summary rotork Rotork plc 2021 Interim Results Good progress in H1 and a return to growth ● ● ● H1 2021 £ 298.2m £ 288.3m £ 62.7m 21.8 % 5.5p 94 % H1 2021 £ 288.3m £ 54.0m 18.7 % £ 54.1m 4.7p 2.35p H1 2020 £ 300.5m £ 283.2m £ 61.2m 21.6 % 5.4p 116 % H1 2020 £ 283.2m £ 50.2m 17.7 % £ 50.0m 4.4p % change -0.8 % + 1.8 % + 2.4 % + 20bps + 1.9 % -22 % % change + 1.8 % + 7.5 % + 100bps + 8.4 % + 6.8 % OCC³ % change + 3.2 % + 5.7 % + 6.5 % + 20bps + 6.4 % Orders and revenues were higher year - on - year on an OCC4 basis driven by encouraging performances from our Water & Power and Chemical , Process & Industrial Divisions Oil & Gas revenues were lower , with reduced spending by upstream customers . Sales to the less cyclical midstream / downstream sectors were ahead year - on - year ( OCC basis ) Adjusted operating margins were 20bps ahead at 21.8 % , reflecting the increase in sales and Growth Acceleration Programme savings which were partly offset by higher supply chain costs Revenue opportunities linked to our purpose , keeping the world flowing for future generations , were identified and commitments made in our inaugural Sustainability Report Closing net cash £ 144.3m ( June 2020 : £ 143.6m ) ROCE4 increased to 32.2 % , up 150bps Full year guidance resumed and half year interim dividend reinstated Kevin Hostetler , Chief Executive , commenting on the results , said : " I'm pleased to report that Rotork returned to underlying growth in the first half . Our strategy of focusing our sales teams on specific end markets and investing in targeted geographies and in aftermarket activities is delivering results . Margin improvement continued , despite significantly higher logistics and commodity costs , through our focus on managing inflation and the continued successful execution of our Growth Acceleration Programme .