“I am pleased with the progress achieved in 2025. Our Growth+ strategy continues to drive performance and greater resilience across the Group, with Chemical, Process & Industrial (CPI) and Water & Power seeing good growth from their strategic initiatives, offsetting customer-driven project delays in midstream Oil & Gas markets at the end of the year.
 

Our Growth+ strategy is delivering thanks to the hard work, dedication and commitment of our employees. Target Segment revenues increased by 8% OCC in 2025 and Rotork Service continued to grow ahead of the Group (24% of Group sales, versus 23% in 2024). Supported by favourable mix and operational efficiency tailwinds, we delivered 10% OCC adjusted operating profit growth for the year with operating margins expanding by 140bps on an OCC basis.  
 

ROCE increased again to 38.4% in the year. Our strong balance sheet and disciplined approach to capital deployment supported successful organic and inorganic investment, whilst allowing us to return excess capital to shareholders. As part of our disciplined approach to capital deployment, we also completed two small non-core disposals to support a clearer focus on our strategic priorities. 
 

For 2026, we expect continued good momentum in CPI and Water & Power, with our Target Segments and Rotork Service supporting performance across the divisions. In Oil & Gas, we expect a stable performance, with a higher second-half weighting. Our Target Segment and Rotork Service initiatives continue to ensure we outperform wider end markets, where downstream markets are expected to remain stable, and upstream and midstream are anticipated to remain subdued. While we are mindful of the recent geopolitical uncertainty, we expect further progress on an OCC basis for the Group in 2026.”