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  Title	ROTORK PLC Rotork : Full Year Results Press Release 2024
  ID	7625038
  External ID	7616768990
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  Published Date	March 11, 2025, 2:24 a.m.
  Summary	March 11, 2025 at 03:22 am EDT Tuesday 11 March 2025 Rotork plc 2024 full year results Growth+ delivering our vision with another year of strong sales growth and margin progress Strategic bolt-o
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  Content	March 11, 2025 at 03:22 am EDT Tuesday 11 March 2025 Rotork plc 2024 full year results Growth+ delivering our vision with another year of strong sales growth and margin progress Strategic bolt-on acquisition agreed and £50m share buyback announced Entered 2025 with confidence, expecting a year of progress Summary Another year of good progress with revenue 8.2% higher year-on-year on an OCC basis. Reported revenue was 4.9% ahead despite a significant foreign exchange headwind Adjusted operating margin was 70bps higher year-on-year at 23.6% (2023: 22.9%) Acquisition of Noah, a leading South Korean electric actuator manufacturer, for an enterprise value of £44m agreed post period end (expected to close in the coming days), broadening our electric actuator offering Another £50m share buyback announced At a divisional level, Oil & Gas and Water & Power revenues grew low double digits year-on- year (OCC). Chemical, Process & Industrial (CPI) returned to sales growth in the second half Rotork Service, our global service network and a key differentiator in our industry, performed strongly growing ahead of Group revenues Group order intake increased 6.1% year-on-year (OCC) with all divisions ahead Continued momentum across all Growth+ pillars with Target Segments sales growth 9% on an OCC basis. Target Segments represented around half of Group sales Strategic highlights included the successful opening of our new China manufacturing facility, the launch of new products and digital services and the rebranding of Rotork Service The UK defined benefit pension scheme was de-risked via a bulk annuity purchase, causing a one-time non-cash charge that reduced the operating margin by 270bps to 18.0% year-on-year Closing net cash was £125.3m and broadly unchanged over the period after the return of £113m to shareholders via dividends and share buyback. Cash conversion was strong at 119%, driven by improved net working capital to sales. ROCE was 37.3% (up 340bps) Kiet Huynh, Chief Executive, commenting on the results, said: "We delivered another year of strong progress in 2024 with good OCC sales growth, healthy margin improvement and an excellent cash flow performance. "The delivery of Growth+ continues and the benefits of the strategy are evident in our improved financial performance. Since the programme launch in 2022, Rotork revenue has grown at a 10.0% CAGR on an OCC basis and adjusted operating margins have increased 110bps to 23.6% after Growth+ investments. The benefits are not only financial. We are also making strong progress under the Customer Value pillar, putting the customer at the forefront of everything we do. Under our Innovative Products & Services pillar we launched important new products and recently agreed to acquire a leading South Korean electric actuator manufacturer, which will broaden and strengthen our product offering. "Rotork is highly cash generative and benefits from having a strong balance sheet providing the financial flexibility to pursue strategic bolt-on acquisitions whilst also returning cash to shareholders, including another £50m share buyback announced today. "Three years into the Growth+ programme we remain confident of delivering our financial ambition of mid to high single digit sales growth and mid-20s adjusted operating margins over time. We have entered 2025 with confidence and expect a year of progress on an OCC basis." Order intake represents the value of orders received during the period. Adjusted figures exclude the amortisation of acquired intangible assets and other adjusting items (see note 4). OCC is organic constant currency results. During the year the calculation of OCC performance was changed from translating reporting period results at the prior period average exchange rates to translating the prior period results at the reporting period's average exchange rates. This change enables greater comparability of results with previous periods. Adjustments for acquisitions and/or disposals are unchanged - acquired businesses are not included until owned for more than one year and are then included on an equal perimeter basis, disposed businesses are excluded entirely. Applying the previous calculation methodology to the 2024 results does not result in a material difference in the OCC performance for the year. 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. There will be a virtual presentation for analysts and institutional investors at 8.00am GMT today with access via https://www.investis-live.com/rotork/679a5bb8242e93000e381604/vwerd Please join the webcast a few minutes before 8.00am to complete registration. Summary Purpose: keeping the world flowing for future generations Our Purpose, as well as our sustainability vision, is 'keeping the world flowing for future generations'. Our purpose is a powerful motivator and drives everything that we do. We want to help drive the transition to a clean future where environmental resources are used responsibly. We have a major role to play in the transition to a low-carbon economy, as well as helping preserve natural resources such as fresh water and eliminating energy sector methane emissions. Health & safety: our number one priority The safety of our people, partners and visitors is our number one priority, and our objective for health and safety is zero harm. In 2024, we recorded a lost-time injury rate of 0.08, in line with the 0.08 recorded in 2023. Our total recordable incident rate was 0.22 (2023: 0.26). In 2024, we transitioned from our internally managed pulse survey, which primarily measured employee satisfaction, to a comprehensive engagement survey conducted with a third-party partner. This strategic shift allows us to benchmark our engagement levels against industry standards and enhance our efforts to foster meaningful engagement across Rotork. We were pleased that 80% of our employees participated in the new survey. We retained our 'Rotork as a Place to Work' question and scored 7.1 out of 10 in 2024. The insights gained from this new survey will support the work we have done in 2024 to develop our Company culture, enabling us to measure effectively and cultivate our cultural initiatives in the years to come. We have a committed team who are proud to work at Rotork and determined to deliver on our Growth+ ambitions. We offer our thanks and appreciation for all their efforts throughout 2024. Cultural evolution: building a stronger Rotork In 2024, we progressed an extensive programme to fully understand our culture, identifying both its strengths and any aspects that might constrain our future success. The programme included workshops with 800 employees across 27 countries. The Board actively reviewed progress over the year and provided strategic direction to ensure alignment with our Growth+ objectives. This guidance underscored the importance of evolving our culture to support long-term success and foster an environment where innovation and collaboration thrive. Through this work we further defined our core cultural DNA by identifying our key behaviours which will drive success: We Value Our Customers, We Grow Together and We Win as a Team. Our cultural DNA captures what makes Rotork unique and establishes the foundation for how we work, interact and succeed collectively. This evolution is a multi-year journey to create a more connected, customer-focused and collaborative organisation. By aligning our practices with our new cultural values and behaviours, we are better positioned to address challenges, seize opportunities, and unlock our full potential. Environmental performance: delivering on our GHG emissions reduction targets Sustainability is a major focus for Rotork. Whilst our impact in enabling our customers to improve their environmental performance likely exceeds the Group's environmental footprint, the latter is no less important. Our total scope 1 and 2 (market-based) emissions decreased by 7% in 2024 compared with 2023, reflecting the implementation of energy efficiency projects and investment in on-site renewable generation. Our SBTi-validated near-term greenhouse gas (GHG) emissions reduction targets are: To reduce our absolute scope 1 and 2 GHG emissions by 42% by 2030 from a 2020 base year To reduce our absolute scope 3 GHG emissions from the use of sold products by 25% by 2030 from a 2020 base year That at least 25% of our suppliers by emissions covering purchased goods and services will have science-based targets by 2027 We target net-zero by 2035 for scopes 1 and 2 and by 2045 for scope 3. Underlining the importance we attach to achieving our net-zero targets, scopes 1 and 2 GHG reduction targets are included in our senior team's long-term remuneration opportunity. The sustainability highlight of the year was the opening of our new China manufacturing facility which was designed with sustainability as a key priority and attained a LEED Gold certification. We completed a project to decarbonise heating at our Manchester (UK) facility. Elsewhere we refreshed our Task Force on Climate-related Financial Disclosures (TCFD) approach and disclosures and commenced our preparations for the EU Corporate Sustainability Reporting Directive (CSRD), including conducting our first double materiality assessment. Rotork is rated AAA in the MSCI ESG ratings assessment. Growth+ strategy: Target Segments approach delivering significant benefits The starting point of our Growth+ strategy is our Purpose, 'keeping the world flowing for future generations'. Our Purpose is a powerful motivator and recognises the role we play in making our world a great place to live, and the role we play in helping improve the safety, environmental and social performances of not just ourselves but also our end users, customers, suppliers and communities. Our vision is for Rotork to be the leader in intelligent flow control. This recognises the ever-increasing importance of connectivity to our end users. Today's intelligent flow control systems ensure safety, are reliable, efficient and easy to use, and play a vital role in ensuring the uptime of our end users' operations (including through predictive and preventative maintenance). Our financial ambition is to deliver mid to high single digit revenue growth and mid-20s adjusted operating margins over time. Three powerful megatrends help drive our growth: automation, electrification and digitalisation, as well as the trends of sustainability, decarbonisation, energy security, water scarcity and water quality. Our Growth+ strategy is designed to drive our growth and to balance making investments with achieving margin progression. At the core of our strategy are three pillars: Target Segments, Customer Value and Innovative Products & Services, each underpinned by our focus on 'Enabling a Sustainable Future'. Our 'Target Segments' are key segments within each of our divisions where there are significant opportunities for profitable growth. We are prioritising investment into these areas, helping us to grow faster than our overall markets. We have already seen significant benefits from our focus on Target Segments which represented around half of Group sales in 2024 and grew 9% year-on-year OCC. Target Segment successes in Oil & Gas included in upstream and midstream electrification and LNG. In upstream electrification, Rotork supplied electric actuators and related services to a North Sea oil and gas producer for its latest platform. The platform is designed to be remotely operated and to require only occasional maintenance visits. Also in upstream electrification, Rotork received a significant order from a major oil and gas producer for electric actuators equipped with integral shutdown batteries which will be retrofitted on onshore wellheads, replacing older, less advanced models previously supplied by a competitor. In LNG, revenues grew in the period as earlier liquefaction orders started to ship. Rotork is positioned to support the liquefaction capacity increase expected in 2025 and beyond. Successes in Chemical, Process & Industrial included activity in the Target Segments of specialty chemicals and mining. In specialty chemicals, Rotork supplied equipment to a major greenfield urea plant being built in Western Australia. Demand for urea is forecast to grow rapidly, driven by agricultural and transportation applications. In mining, Rotork electric actuators were selected by a customer for an important water reuse project. When the project is completed, the mine will no longer have to draw water required for processing from a local river. In Water & Power, examples of Target Segment successes included in wastewater treatment and alternative energy. The reuse of water is increasingly common, including for irrigation and industrial processes. Rotork electric actuators were chosen for a major water reclamation project in Singapore. In alternative energy, geothermal power has the potential to be a bigger source of renewable energy than wind and Rotork products play an important role in geothermal plants, including in a major geothermal facility in New Zealand. We continued to make strong progress under the Customer Value pillar, which puts the customer at the forefront of everything we do. During the year we launched our new Group website. The new website is an important step in a multi-year programme of customer experience improvement. In November we held the formal opening ceremony for our new facility in China. The 23,000m facility is strategically located in Changshu and was developed with sustainability as a key priority. Its 2,500 roof-mounted solar panels will generate an estimated 1,500 MWh of renewable electricity annually. In Innovative Products & Services, we launched integrated ethernet functionality for our IQ range. This is an important product enhancement which further differentiates our flagship electric actuators, extending compatibility, enabling higher data transfer volume and speeds, eliminating the requirement for gateway devices and operating seamlessly with our intelligent asset management (iAM) system. Integrated ethernet has multiple applications across all three Rotork sectors and the launch has been particularly well received by water industry end users. In March 2025 we agreed to acquire Noah Actuation (Noah) to broaden and strengthen our product offering in electric actuators. The acquisition's closing is expected in the coming days. Noah is headquartered in Seoul, South Korea and its acquisition is fully aligned to the Growth+ strategy and to key Target Segments, especially with Water Power, Chemical, Process & Industrial and upstream electrification within Oil & Gas. We estimate that Noah will deliver revenue and adjusted EBITDA of £17.5m and £3.5m respectively in the twelve months to December 2025. Market update: a largely positive outlook for global flow control markets Elections played a major part in global events in 2024, with almost half of the world's population voting in national elections during the year (according to Reuters). The most significant from a market perspective was the Presidential election in the US. The election has the potential to have significant economic effects on global markets, including on manufacturing and energy. The new US government has signalled a more local approach to its industrial strategy which will have implications for global manufacturing. However, we believe that any risk of increased import tariffs to Rotork would be largely mitigated by our predominantly local-for-local manufacturing footprint. Energy security and the energy transition have been major global themes for several years and are likely to remain so. The US's energy independence is expected to be of higher priority, potentially meaning more exploration and production activity. The energy transition remains a priority, but with the fossil fuel industry potentially having a greater part to play in the transition, for example through LNG, biofuels, carbon capture and hydrogen. Whilst US emissions reduction regulations might be of slightly lower importance at the Federal level, these are likely to remain important at state and industry levels. In recent years, investment in global energy sector infrastructure has accelerated, reflecting both a previous period of underinvestment and the importance of the role of hydrocarbons in the world's energy mix for years to come. The electrification of upstream and midstream operations to reduce the greenhouse gas intensity of processes that commenced with COP26's Global Methane Pledge (in 2021) continues and methane emissions were again a major topic at COP29 in Azerbaijan. The upstream and midstream electrification sector represented close to 10% of Rotork Group sales in 2024. The downstream oil and gas sector was particularly active in 2024, with another significant year for net refining capacity additions globally and for the 'replumbing' of hydrocarbon transportation and storage networks necessitated by sanctions on Russia. The near-term outlook remains positive, with more years of net refining additions in prospect. In the medium term, fewer additions are expected, with investment instead targeted at modernisation and flexibility. Refinery shutdowns are expected to be relatively rare with refiners choosing instead to convert sites at end of life to produce renewable fuels, or to industrial hubs (for example producing low-carbon electricity or hydrogen) or storage depots. The outlook for the LNG export market is increasingly positive. The US currently has annual export capacity of around 90m tonnes according to Bloomberg New Energy Finance. An additional 50m tonnes is already permitted and set to be commissioned in the next several years, with another 180m tonnes of capacity going through planning stages. Additional export capacity is also under way in Qatar and Australia. The upstream oil and gas sector grew in both the Middle East and Europe in 2024. In the Middle East, investment focused on major natural gas projects in the UAE and Qatar. Investment in Europe increased, following several years of declines, in response to energy security concerns. In the Americas, Mexico's oil and gas production was broadly unchanged year-on-year in 2024. US unconventional onshore activity slowed in the second half, impacted by election uncertainty and lower hydrocarbon prices. Following the US election, the outlook for drilling and completion is more positive, although higher prices may be required for a significant pickup. There was a generally soft backdrop to chemicals markets in 2024, reflecting weak demand from key end markets such as construction, automotive and pharmaceuticals and higher energy prices which particularly impacted the industry in Europe, especially in bulk chemicals. However, Rotork's chemicals market strategy is to target niche sectors that offer the potential for above market growth and CPI sales into this market grew year-on-year in 2024. Metals and mining markets remain attractive opportunities for Rotork. Whilst 2024 did not see the repeat of the activity in the battery materials sector experienced in 2023 (i.e. nickel), the wider industry continues to invest to build the capacity required to deliver the energy transition and to invest in sustainability projects. Critical HVAC refers to heating, ventilation and air conditioning systems that are essential for maintaining specific environmental conditions in sensitive or high-stakes environments, including temperature, humidity and air quality. Critical HVAC is typically specified in tunnel ventilation, data centres, clean rooms and industrial processes such as battery production plants and semiconductor fabrication facilities where the cost of downtime or failure can be significant. Critical HVAC markets benefitted from strong demand from data centre markets in 2023 and 2024 and the cooling requirements of artificial intelligence focused data centres could represent an exciting future opportunity. The outlook for water and wastewater remains positive with continuing investment in new and existing infrastructure. The market is focused on delivering water availability, improving water quality, reducing leakage, efficient water reuse, and automating and digitalising networks and processes. Significant investment initiatives worldwide are already in progress or set to begin, including in the US, China, India, the Middle East and the UK. The desalination market remains active, with projects underway worldwide, most notably in the Middle East. Reverse osmosis desalination is forecast to grow high single digits over the medium term (source: Future Market Insights). The outlook for the global power market is brighter than it has been for some time, driven by electrification, economic growth, artificial intelligence and, in the US, the repatriation of manufacturing. In response to this accelerating demand growth, the power generation industry is stepping up new build activity as well as plant modernisation, refurbishment and life extension (including in the traditional and nuclear sectors). Renewable energy is playing an important role in delivering energy security as well as the energy transition. According to the IEA, renewables' share in final energy consumption will be nearly 20% by 2030, up from 13% in 2023. Rotork products are specified for several applications in offshore wind, including in HVDC converter cooling systems, geothermal energy plants and concentrated solar, as well as in facilities producing rechargeable batteries and solar panels. Decarbonisation remains a high-potential market for all three Rotork divisions. 2024 saw the world's second consecutive hottest summer on record (according to the World Meteorological Organization) with a number of extreme weather events such as wildfires, droughts and flooding. These events served to remind us vividly of the urgency of tackling carbon emissions and adapting to climate change. It is apparent that tackling the climate crisis and delivering a just energy transition at pace will require a practical approach including a balance of technologies, with methane emissions reduction, LNG, carbon capture and storage, sustainable fuels, hydrogen and direct air capture all having significant roles to play. Business performance: a year of strong sales growth and margin progress Group order intake increased 2.8% year-on-year (6.1% on an OCC basis) to £744.3m. All three divisions booked higher orders for the full year. Group revenue was 4.9% higher year-on-year (8.2% OCC) at £754.4m. Oil & Gas sales rose 8.3% (11.7% OCC), with all geographic regions growing and Europe, Middle East & Africa (EMEA) and Asia Pacific particularly strong. The division's growth was driven by the downstream and midstream sectors with upstream sales broadly unchanged year-on-year. CPI sales were 4.1% lower (down 1.1% OCC), with solid growth in EMEA insufficient to offset lower sales in the Asia Pacific and Americas regions. Water & Power sales were up 9.5% (13.1% OCC), with all geographic regions delivering double-digit growth. Both sectors grew strongly, with water outgrowing power. By geography, EMEA sales by destination grew double digits (OCC) and was Rotork's fastest growing region. Asia Pacific revenues grew low single digit year-on-year on an OCC basis, with China growth ahead of the region. The Americas region returned to growth in the second half and full year revenues were high single digits ahead (OCC). In early 2025 we rebranded Rotork Site Services under one global brand, Rotork Service. Rotork Service is our global service network and a key differentiator in our industry. It performed well in 2024 with revenues growing faster than the Group overall. Its Lifetime Management and Reliability Services programmes have good momentum, as does its Intelligent Asset Management predictive analytics system. Rotork Service is managed as a separate unit by each of our divisions and contributed 23% of Group sales (2023: 21%). Adjusted operating profit was 8.5% higher year-on-year (12.8% OCC) at £178.4m, reflecting volume growth and positive net price/mix which were partly offset by wage inflation. Adjusted operating margins were 70bps higher at 23.6% (100bps higher OCC) and reported profit before tax was £140.5m. The principal profit adjustments are costs relating to Business Transformation and the defined benefit scheme settlement. Return on capital employed was 37.3% (2023: 33.9%), benefitting from an increase in adjusted operating profit and a decrease in capital employed. Cash conversion was 119% (2023: 120%). Dividend and capital allocation: committed to disciplined capital allocation and progressive shareholder returns We have a clear and disciplined capital allocation framework. Our priorities, in order, are organic investment, a progressive dividend, acquisitions and other shareholder returns. We have increased our dividend each year for over 20 years and have completed 30 acquisitions since 2000. We have demonstrated discipline and flexibility in using buybacks and special dividends to deliver shareholder returns, including in March 2024 the launch of a £50m share buyback programme which we completed in December 2024. Net cash at period end was £125.3m (31 December 2023: £134.4m). We remain active in looking for suitable acquisition opportunities, consistent with our Growth+ strategy, and post period end agreed to acquire Noah, a South Korean headquartered electric actuator supplier, for an enterprise value of £44m with closing expected in the coming days. The Board is recommending a final dividend of 5.00p per share. With the 2024 interim dividend of 2.75p, the total dividend for the year is 7.75p, a 7.6% increase on the 2023 full-year dividend. This equals 2.1 times cover based on adjusted earnings per share (2023: 2.0 times). Subject to shareholder approval, the 2024 final dividend will be paid on 3 June 2025, to ordinary shareholders on the register at the close of business on 25 April 2025. The last date to elect for the Dividend Reinvestment Plan (DRIP) is 12 May 2025. The Rotork DRIP is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares. More information can be found at www.shareview.co.uk/info/drip Consistent with the Group's stated capital allocation policy, the Board has decided to return a prudent level of cash to shareholders while retaining a strong balance sheet. As a result, Rotork will be commencing a share buyback programme of £50m. Board update: changes and appointments Tim Cobbold stepped down as a Director of Rotork in December 2024, having been our Senior Independent non- executive Director and Non-executive Director for Workforce Engagement. We would like to thank Tim for his considerable contribution to Rotork over the last six years, and we wish him all the best in his role as Chair of Spirax Group plc. We are pleased that with effect from 1 January 2025 Andrew Heath agreed to become Rotork's Senior Independent non-executive Director, and that Vanessa Simms agreed to become Rotork's Non-executive Director for Workforce Engagement. We were pleased to recently welcome a new non-executive director to Rotork. Svein Richard Brandtzæg joined the Board on 20 November 2024. Svein Richard is currently Chair of dormakaba Holding AG, a non-executive director of Mondi plc and also Chair of the Council on Ethics for Norges Bank Investment Management. Svein Richard has further strengthened the diverse mix of skills and experience on the Board and was appointed Chair of the Remuneration Committee with effect from 1 January 2025. Outlook Three years into the Growth+ programme we remain confident of delivering our financial ambition of mid to high single digit sales growth and mid-20s adjusted operating margins over time. We have entered 2025 with confidence and expect a year of progress on an OCC basis. Divisional review Momentum in the oil and gas sector remained strong through 2024. Hydrocarbon prices remained broadly above investment incentive levels and most sectors saw higher customer spend, targeting increased output, improved productivity, electrification and decarbonisation. The industry's electrification initiative continued with increased activity in the upstream and midstream sectors. These sectors represented close to 10% of Rotork Group sales in 2024. Investments to increase the world's LNG export capacity remain ongoing. Divisional revenue was ahead 8.3% year-on-year and 11.7% year-on-year (OCC). The midstream and downstream sectors grew strongly whereas upstream sales were slightly lower due to the non-repeat of offshore projects. Downstream sales represented 52% of the total (49% in 2023), upstream 24% (27%) and midstream 24% (24%). Downstream sector sales were double-digits higher year-on-year benefitting from increased refinery and storage activity. EMEA sales grew strongly year-on-year and the region was the fastest growing, with Middle East / Africa growing robustly and the midstream electrification sector particularly active. Americas sales were ahead mid to high single digit whilst APAC sales grew low double digits, driven by strong sales growth in India. The division's adjusted operating profit was £92.0m, 10.0% up year-on-year. The 40 basis point adjusted operating profit margin improvement reflected higher volumes which were partly offset by adverse mix and investment in the division's commercial teams. Oil & Gas' focus on Target Segments during the period delivered notable successes in electrification, Asia infrastructure, decarbonisation and Rotork Service. One notable win in upstream electrification was supplying actuators to a Netherlands-based customer for its latest oil and gas platform, which is not only electrified but for safety reasons is designed to be 'not normally manned', requiring only two 14-day maintenance visits per year. In midstream, the division received follow-on orders from a major liquefaction project in Texas and several pipeline electrification projects including in Asia Pacific and North America. In the downstream, there was significant activity in both hydrocarbon storage and refining. The division supplied IQ3 actuators to a major tank farm expansion in South Korea which will enable increased LNG storage. LNG is widely seen as a bridge fuel in the energy transition for its lower carbon emissions compared to oil and coal, its flexibility and its abundance. Successes in refining included major automation/modernisation projects in EMEA, the Americas and Asia Pacific. CPI is a supplier of specialist actuators and instruments for niche critical applications in the broad chemical, process industry and industrial sectors. The division serves a wide range of end markets including specialty and other chemicals, metals and mining, critical HVAC, pharmaceutical, steel and cement. The automation, electrification, digitalisation and decarbonisation megatrends are important growth drivers. Rotork has historically been under- represented in several of these markets and has the opportunity to win market share in the years ahead. The division delivered an encouraging second half performance, despite economic weakness in a number of regions including most notably China. The division's performance clearly benefitted from the pursuit of its chosen Growth+ Target Segments such as the focus on specialty chemicals and critical HVAC (including sales into data centres), as well as strength in core segments including marine. Divisional revenues were 4.1% lower year-on-year at £205.0m and 1.1% lower year-on-year on an OCC basis, with the decline largely the result of reduced mining sector large project activity, following three years of strong sales growth. By destination, EMEA sales grew mid to high single digits (OCC), with all subregions higher. Asia Pacific sales were lower, despite good growth in India. China sales declined low single digit in the full year (OCC) but were unchanged year-on-year in the second half. Americas sales grew low single digits (OCC). The division's adjusted operating profit was £53.0m, 3.4% higher than prior year. Adjusted operating margin rose 180 basis points to 25.8%. The increase in adjusted operating margin largely reflected positive mix as well as disciplined cost management. Rotork's electric and fluid power actuators and instruments were selected by innovative customers for use in their energy transition projects. Rotork supplied several hundred flow control actuators to a major greenfield urea plant being built in Western Australia. The plant has been designed to minimise emissions and with the capacity to achieve net-zero carbon by 2050. Demand for urea is forecast to grow rapidly (source: the International Renewable Energy Agency) driven by applications including agriculture and transportation. Rotork's actuators were chosen by an innovative steel plant in Sweden which has switched to fossil-free hydrogen to heat steel at its rolling mill, produced on-site by a 20MW electrolyser. In the critical HVAC market, data centres are increasingly requiring higher levels of automation, reliability and precision in their cooling, power and fire protection systems. Rotork products including actuators, gearboxes, chainwheels and limit switch boxes are regularly selected for these projects. Attachments Original document Permalink Disclaimer Rotork plc published this content on March 11, 2025 , and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 11, 2025 at
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