Financial Highlights
2023 Full Year Results
2023 | 2022 | % change | OCC3 % change | |
Order intake1 | £723.7m | £681.6m | +6.2% | +7.8% |
Revenue | £719.1m | £641.8m | +12.0% | +13.6% |
Adjusted2 operating profit | £164.5m | £143.2m | +14.8% | +17.3% |
Adjusted2 operating margin | 22.9% | 22.3% | +60bps | +70bps |
Profit before tax | £150.6m | £124.1m | +21.4% | |
Basic earnings per share | 13.2p | 10.9p | +21.7% | |
Adjusted2 basic earnings per share | 14.6p | 12.7p | +14.8% | +17.0% |
Full year dividend | 7.2p | 6.7p | +7.5% |
Note:
1. Order intake represents the value of orders received during the period.
2. Adjusted4 figures exclude the amortisation of acquired intangible assets and other adjustments (see note 4).
3. OCC4 is organic constant currency results restated at 2022 exchange rates.
4. Adjusted figures, organic constant currency (‘OCC’) figures, cash conversion and ROCE are alternative performance measures and are used consistently throughout these results. They are defined in full and reconciled to the statutory measures in note 2.
Summary
- 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). ROCE4 was 33.9% (up 260bps)
- £50m share buyback programme announced