Interim Results

Rotork PLC
8 August 2001


Contacts:   Bill Whiteley, Chief Executive
            Bob Slater, Finance Director
            Rotork p.l.c.                             Tel: [phone]

            Peter Otero
            Financial Dynamics                        Tel: [phone]

            8th August 2001



                                Rotork p.l.c.


                             INTERIM RESULTS 2001

Rotork p.l.c., the international specialist engineering group, announces
results for the six months ended 30 June 2001.


Highlights include:

  * Turnover up 10.6% at £57.5 compared to £52.0m last year

  * Profit before taxation and goodwill amortisation up 9.5% at £11.5m
    compared to £10.5m last year

  * Earnings per share before goodwill amortisation up 9.8% at 9.0p compared
    to 8.2p last year

  * An interim dividend of 4.65p per share has been recommended,
    representing an increase of 5.7% on the previous year

  * Continued recovery in all our markets.  Order book up 27% on year end

  * The launch of the IQ II actuator at the year-end has been very well
    received and is in full production



Commenting on the results, Chief Executive Bill Whiteley said:

'The order book and the benefits of the newly-introduced IQ II which are now
being realised are both indicators for a continuing improvement in the second
half.  The result will, of course, depend upon the positive environment in our
end user industries being maintained.'


ROTORK

REVIEW OF OPERATIONS

The recovery in our electric actuator business, which was evident in the
second half of 2000, has continued through the first half of the current year.
All three of our end-user markets, hydrocarbons, water and power, have shown
encouraging levels of activity and this has been reflected in an increased
percentage of our orders coming from the hydrocarbons and power markets.
Geographically, UK business has been weak, with its share of our total
electric order intake falling to less than 15% in the first half of the year.
Order intake has been strong in the Americas and Continental Europe.  Asia and
the Far East have been mixed, with especially good levels of business in China
and Malaysia.

The Fluid System division, which was loss making last year and was
subsequently restructured, achieved a breakeven position.  The operation in
Italy made solid progress helped by more encouraging business conditions.

The Gears operations experienced good levels of business in Leeds and the
Netherlands, but were held back by disappointing trading at Valvekits in
Nottingham which is still dependent upon the UK market.

The launch of the new IQ II actuator at the year-end was the culmination of a
very substantial project for the company, as it entailed the complete
replacement of our most important product range and revenue earner.  The
product has had a very positive response from the market.  As indicated in the
AGM statement, output in the first quarter was impacted by its introduction
and although reasonable levels were achieved in the second quarter, the
production facilities had not fully recovered the shortfall by the end of
June. This situation will be resolved in the third quarter.  As a result
profits at the Bath plant and many of the overseas sales companies were held
back.  The US operation, however, managed to achieve substantial profits that
were a significant improvement on the rather weak comparative period in 2000,
helped by a solid contribution from the West Coast service and support centre.

Our research & development and operations teams are concentrating their
efforts on developing new and modified electric actuator products for the
power generation and water industries. Success is, in part, dependent upon a
major new overseas procurement initiative.

Demand for the recently launched electro-hydraulic actuator range, which
extends the scope of our fluid power products, has exceeded expectations.
Development of products for gas transmission pipelines and the enhancement of
the existing fluid power range of products is being undertaken.

The focus on developing our worldwide service and support capabilities
continues to be a management priority.  This effort has recently been rewarded
with a number of important longer-term contracts in the UK and a number of
overseas markets.

The Skil actuator business, which was bought towards the end of last year and
relocated to Exeeco's plant in Leeds, has been successfully incorporated into
our electric actuator product offering.  It is the company's intention to add
other valve actuator products through appropriate acquisition.

Rotork Control and Safety, based in Luton, continued to make progress in
reshaping its business with profits ahead of expectations.  An important
project for GlaxoSmithKline was won prior to the end of June.


Dividend

The directors intend to pay an interim dividend of 4.65p per ordinary share on
1 October.  This represents an increase of 5.7% year on year.



Outlook

The order book at the end of June was 27% up on the year-end. This has been
due both to the strength of order intake, which continued through July, and
constrained output.  The order book and the benefits of the newly-introduced
IQ II which are now being realised are both indicators for a continuing
improvement in the second half.  The result will of course depend upon the
positive environment in our end-user industries being maintained.



Bill Whiteley

Chief Executive

8th August 2001



Rotork p.l.c. Interim Results 2001

Unaudited


                                               First half First half Full year
                                                     2001      2000      2000
                                                       £m        £m        £m

Turnover                                             57.5      52.0     107.9


Operating profit                                     10.6       9.6      19.8

Operating profit before amortisation of              11.1      10.1      20.8
goodwill
Amortisation of goodwill                            (0.5)     (0.5)     (1.0)

Operating profit                                     10.6       9.6      19.8

Net interest and similar income                       0.4       0.4       0.8

Profit before taxation                               11.0      10.0      20.6

Taxation
UK                                                  (1.4)     (1.4)     (3.7)
Overseas                                            (2.3)     (2.0)     (3.4)

Profit after taxation                                 7.3       6.6      13.5

Dividend                                            (4.0)     (3.8)    (10.5)

Retained profit                                       3.3       2.8       3.0


                                                    pence     pence     pence
Earnings per share                                    8.4       7.6      15.6
Earnings per share before goodwill amortisation       9.0       8.2      16.8
Diluted earnings per share                            8.4       7.6      15.6



Rotork p.l.c. Balance Sheet

Unaudited


                                          30 June        30 June         31 Dec
                                             2001           2000           2000
                                               £m             £m             £m
Fixed assets

Intangibles                                  17.1           18.7           18.2

Tangibles                                    15.6           16.3           15.7

                                             32.7           35.0           33.9
Current assets

Stock                                        17.3           14.6           14.6

Debtors                                      33.8           29.7           32.9

Cash                                         17.3           20.6           16.8

                                             68.4           64.9           64.3

Creditors and provisions                   (34.1)         (36.4)         (35.7)

                                             34.3           28.5           28.6

Net assets                                   67.0           63.5           62.5


Share capital                                 4.4            4.4            4.4

Reserves                                     62.6           59.1           58.1

Shareholders' funds                          67.0           63.5           62.5




Rotork p.l.c. Cash Flow

Unaudited


                                               First half First half Full year
                                                     2001       2000       2000
                                                       £m         £m         £m

Operating profit                                     10.6        9.6       19.8

Depreciation and amortisation                         1.6        1.5        3.0

Profit on sale of fixed assets                          -          -      (0.1)

Increase in stock                                   (2.5)      (1.2)      (0.4)

Decrease/(increase) in debtors                        0.9      (2.4)      (4.5)

Decrease in creditors                               (0.5)      (0.2)      (1.4)

Net cash flow from operating activities              10.1        7.3       16.4

Returns on investments and servicing of               0.4        0.5        0.9
finance

Taxation                                            (3.4)      (3.0)      (8.5)

Capital expenditure                                 (0.8)      (2.8)      (3.1)

Acquisitions and disposals                            0.1      (0.5)      (0.4)

Dividends paid                                      (6.7)      (6.7)     (10.5)

Financing                                             0.8          -      (1.6)


Increase/(decrease) in cash and term deposits         0.5      (5.2)      (6.8)




Rotork p.l.c.

Notes to the Interim Report


1.                  Basis of preparation

The financial information for the six months to 30 June 2001 and the
comparative figures for the six months to 30 June 2000 are unaudited and have
been prepared on the basis of the accounting policies set out in the group's
statutory accounts for the year ended 31 December 2000.

The financial information for the year ended 31 December 2000 is an abridged
version of the full accounts for that year, which received an unqualified
report from the auditors and which have been filed with the Registrar of
Companies.


2.                  Geographical analysis of turnover

Turnover can be analysed by geographical origin as follows:


                                First half         First half         Full year
                                      2001               2000              2000
                                        £m                 £m                £m

Europe                                30.2               28.8              58.5
Americas                              17.9               13.7              31.2
Rest of the world                      9.4                9.5              18.2
                                      57.5               52.0             107.9


3.              Dividends

An interim dividend of 4.65p per ordinary share (2000: 4.40p) will be paid on
1 October to shareholders on the register at the close of business on 17
August 2001.


4.              Shareholder information

This interim report is being sent to all shareholders on 8 August 2001 and
copies are available to the public at the Registered Office of the company at
Rotork House, Brassmill Lane, Bath, BA1 3JQ.  The interim report is also
available on the company's website at www.rotork.com.

We offer shareholders a dividend reinvestment plan (DRIP) under which
shareholders can reinvest their cash dividends in the company, by buying
shares in the market at competitive dealing rates.  If you have already
elected to join the DRIP, there is no further action for you to take.

If you would like to join for the first time, please contact our registrars
below.


Lloyds TSB Registrars

The Causeway

Worthing

West Sussex

BN99 6DA



Share dividend helpline number - 0870 241 3018