Key Points
Results in line with September and November trading update guidance
Oil & Gas market remained weak
Accelerated cost management programme delivering greater than anticipated annualised savings
New product launches and continued investment to expand product portfolio
Six acquisitions, including Bifold, completed in the year for £147.6m
Strong cash generation with net debt of £71.1m at year end
Full year dividend increased by 0.8% to 5.05p (2014: 5.01p)
Peter France, Chief Executive, commenting on the results, said:
"The challenging market conditions that we saw in the first half of the year continued for the remainder of 2015, with many of our key markets and geographies impacted by the weakness of the oil price, political instability and the slowdown in China.
"We were encouraged by the progress of our accelerated cost management programme in 2015 and further actions to mitigate the effect of end market weakness will remain a key focus in the current year. We continue to see opportunities to gain market share by expanding our product portfolio and through both organic development and acquisition. By continuing to implement our strategy for growth and targeted investment we will ensure that Rotork is well placed to make further progress over the medium to long term."
