Bath-based valve manufacturer Rotork (
www.rotork.com/en) reports that its turnover rose to £590.1 million for the year to 31 December (from £546.5 million in 2015), while its pre-tax profits fell to £91.1 million (from £101.9 million) — due to the “mixed effect” of newly acquired businesses and the “impact of lower volumes”.
During the year, Rotork acquired gearbox-manufacturer Mastergear in a £16.3 million deal. It is also investing in a new R&D centre, set to be completed by the end of 2018.
Chief executive Peter France said: “In the second half of 2016, the trading environment saw some stabilisation, and we benefited from a strengthening currency tail-wind.
“The acquisitions completed in 2015 and 2016, along with the introduction of a number of new products, also supported our growth.
“We continue to target growth through organic development and acquisitions that will enhance our broad product portfolio, diverse end-market exposure and wide geographic presence.
“While mindful of continued macro-economic uncertainties, the Board believes that Rotork is well placed to make progress in 2017.”