The Rotork Board is recommending a final dividend of 4.65p per share. With the 2023 interim dividend of 2.55p, the total dividend for the year is 7.20p, a 7.5% increase on the 2022 full-year dividend. This equals 2.0 times cover based on adjusted earnings per share (2022: 1.9 times). The final dividend will be payable on 24 May 2024 to shareholders on the register on 19 April 2024. The last date to elect for the Dividend Reinvestment Plan ('DRIP') is 3 May 2024.
Other financial highlights include:
Order intake was 7.8% higher year-on-year on an OCC basis with orders ahead at all divisions
Deliveries accelerated in the second half as supply chain challenges were overcome resulting in some normalisation of the order book which remained strong at period end
Revenue increased 12.0% year-on-year despite a significant foreign exchange headwind which strengthened through the second half. On an OCC basis sales grew 13.6% year-on-year with all divisions making strong progress
Adjusted operating margins were 60bps higher year-on-year at 22.9%. The reported operating margin was 20.7%
Rotork received a rating of AAA in the MSCI ESG ratings assessment and reduced its scope 1 and 2 GHG emissions by 11% year-on-year
Closing net cash was £134.4m (December 2022: £105.9m). ROCE was 33.9% (up 260bps)
£50m share buyback programme announced
