April 23, 2018 / 7:45 AM / in a year

Rotork revenue rises on energy sector demand; shares hit record

April 23 (Reuters) - British industrial group Rotork Plc on Monday reported a 10.2 percent rise in first-quarter revenue on higher demand from oil and gas producers, sending its shares to an all-time high.

Order intake rose 20.9 percent in the first quarter as Rotork’s energy sector customers spent more on maintenance and upgrades to compensate for the lack of investment over the previous few years.

Rotork, which makes valve-control systems for the oil and gas markets, said investment in larger projects improved towards the end of the quarter.

“In oil and gas, we saw growth in upstream and the improvement that we saw in downstream in the last quarter of 2017 continued,” the company said.

Rotork said it experienced stronger-than-anticipated order intake in the first quarter and now expects mid-to-high single-digit growth in full-year revenue.

Shares of the company were up about 9 percent to 326 pence at 0725 GMT and was the top percentage gainer on the pan-European Stoxx 600 index.

$1 = 0.7131 pounds Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri

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