LONDON -- Valve engineering firm Rotork (LSE: ROR.L ) reported strong half-year results today, with a 23.3% increase in revenue compared to the same time last year, up to 245.9 million pounds from 199.4 million pounds in H1 2011.
The business floated in 1968 with a market cap of 2 million pounds and today it boasts a valuation of 1.92 billion pounds, which is equivalent to almost 17% per annum growth. While Rotork has not totally escaped the difficult economic climate of recent years, along with an increase in productions costs, it was able to make a number of significant acquisitions in 2011, and this interim report lauded the successful integration of these into the company's wider strategy.
What's more, the company reported an 18.2% increase in order intakes, while the order book is at a record high of 177.7 million pounds -- up 13% from December.
Management is positive that the outlook continues to look good, as chief executive Peter France commented: "We continue to invest in our infrastructure, product development and sales coverage to support the longer term growth projections of the business and our continued expansion into the wider flow control market."
Shareholders in the FTSE 250 firm will be pleased by the news that basic earnings per share increased by 16.9% to 47.8 pence, while the interim dividend is being increased by 13.1% to 16.4 pence per ordinary share.
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