Interim Management Statement (4449W)
19 Novembro 2010 - 5:00AM
UK Regulatory
TIDMROR
RNS Number : 4449W
Rotork PLC
19 November 2010
19 November 2010
Rotork p.l.c.
Interim Management Statement
Rotork plc, the market leading actuator manufacturer, today
issues its Interim Management Statement covering the period from 1
July to 19 November 2010.
Order intake in the period remained strong, with the third
quarter 28% higher than the prior year, a new record. Cumulative
order intake to the 31 October was 17.3% ahead of 2009 with the
resultant order book standing at GBP151m on that date. Revenue and
margins have been consistent with management expectations and the
full year profit outlook remains in line with previous guidance and
market consensus.
Project and quotation activity continue to be robust, however,
there are some regional and end market variations. Oil and gas
infrastructure investment in upstream, midstream and downstream
markets is positive. Water and power are regionally focused and we
anticipate continued weakness in Europe with increased activity in
Asia.
Rotork Controls continues to see increased demand for its
products. Order intake for the third quarter was 18.5% higher than
the comparative period, a record quarter. Asia remains very active,
particularly China. We also benefited from increased activity in
India, Russia, USA and Holland.
Rotork Fluid Systems benefitted from the recent acquisitions of
Flow-Quip and Hiller to produce record input in the third quarter,
47.6% ahead of the same period in 2009. Excluding these
acquisitions, growth was 28.1%. A number of regions saw increased
order input driven mainly by activity in the Middle East although
we also saw improved performance from Russia, Sweden, Canada and
Venezuela. As expected, we have seen margin pressure in this
business in the period. However, as activity levels have increased,
pricing pressures have eased and returned to more normal
levels.
Rotork Gears has also seen increased activity, with input in the
third quarter up 50% on the prior year. Sourcing initiatives to
mitigate raw materials pricing pressure are ongoing and this is
having a positive impact on maintaining margins.
Financial Position
The Group continues to maintain a strong balance sheet and has
benefited from strong operating cash flows.
Material Events
There have been no material events or transactions during the
period.
Outlook
The strong order intake and current level of project and
quotation activity give us confidence in the full year outcome and
support expectations for further progress in 2011.
Notes
1. Third quarter refers to the period 30 June to 3 October.
2. 2010 figures quoted are at actual exchange rates and 2009 are
as previously reported.
3. Rotork will be announcing its preliminary results for the
year ending 31 December 2010 on 1 March 2011.
For further information, please contact:
Rotork p.l.c. Tel: 01225 733200
Peter France, Chief Executive
Jonathan Davis, Finance Director
Financial Dynamics Tel: 020 7831 3113
Jon Simmons
This information is provided by RNS
The company news service from the London Stock Exchange
END
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