The Rotork PLC Board recommends a full year dividend of 6.3p per share for 2020, an increase of 1.6% from the 2019 full year dividend. This is equivalent to 2.0 times cover based on adjusted earnings per share (2019: 2.1 times). The full year dividend will be payable on 21 May 2021 to shareholders on the register on 9 April 2021.
Other financial highlights include:
Order intake declined in the period reflecting the impact of COVID-19 on global economic activity. Orders in the final quarter, whilst still down year-on-year, showed signs of recovery
Revenues were lower year-on-year due to subdued large project activity, customer site access issues at Rotork Site Services and disruption to production and logistics
Adjusted operating margins were 100bps ahead at 23.6%, with all divisional margins higher, benefiting from savings generated by the Growth Acceleration Programme
Flowthrough of sales declines to adjusted operating profit from 2019 was limited to just 12%, demonstrating the Group's improved cyclical resilience