Industrial valve maker Rotork on Wednesday said it was buying back up to £50m of its shares.
The company said the first tranche of the buyback – up to £20m – would start on Thursday and end no later than September 30.
“Consistent with our capital allocation policy, the board has decided to return a prudent level of cash to shareholders while retaining a strong balance sheet,” the company said in a statement, adding that its strong cash position “provides us with considerable financial flexibility”.
