Interim Management Statement (3307S)
18 Novembro 2011 - 5:00AM
UK Regulatory
TIDMROR
RNS Number : 3307S
Rotork PLC
18 November 2011
18 November 2011
Rotork p.l.c
Interim Management Statement
Rotork p.l.c. ("Rotork"), the market leading actuator
manufacturer and flow control company, today issues its Interim
Management Statement covering the period from 1 July to 17 November
2011. All figures relating to Rotork are for the period ended 30
October 2011.
Order intake in the third quarter remained strong, up 6.5% on
the prior year, reflecting the stronger comparative period of the
third quarter 2010. Cumulative order intake to 30 October is now
14.7% ahead of the prior year.
Revenue in the third quarter was a record and cumulative revenue
to 30 October is 13.4% ahead of the prior year. We anticipate a
stronger fourth quarter as further projects are delivered out of
the order book. The order book at 30 October was GBP163.8m, 8.3%
higher than the same point last year.
Whilst the challenging global economic situation can be seen to
be impacting certain geographies such as Central Europe and USA,
other areas are showing positive signs of growth with China and
India amongst the most active. Currently we have an increased level
of larger projects within the Rotork project tracking system and
quotation activity is good. Rotork benefits from being a truly
global business with exposure to a wide range of end markets.
Hence, based on the current backlog, we anticipate a strong end
to the year to deliver full year revenue and profit in line with
the guidance given at the Half Year Results on 2 August 2011.
Rotork Controls
Our electric actuator division continues to perform well and has
seen strong demand across most of the sectors and geographies that
we serve. Cumulative order intake to the 30 October is 13.0% higher
than the prior year. A number of markets are performing well, with
the BRIC economies in particular supporting our growth projections.
Rotork Process Controls continues to develop its product offering
and we are seeing an increase in activity throughout our sales
offices. In general costs have been higher in 2011 as we invest in
our sales and operational infrastructure and develop a range of new
products. These investments will benefit the division in 2012 and
beyond.
Rotork Fluid Systems
Our pneumatic and hydraulic actuator division has seen the
greatest increase in order intake, up 20.7% on the prior year as of
30 October. Whilst the margins in this business have improved in
the second half of the year, the divisional target of 15% return on
sales will not be met for the year as a whole. This remains a
realistic on-going target for the division. As with Controls, we
have been investing in the sales and operational infrastructure of
the division and we are already seeing a benefit from the
investment which will support the targets for the division in 2011
and beyond. The Middle East continues to be the driver for this
business with Oil and Gas activity remaining strong.
Rotork Gears
Our gears business continues to grow organically through
incremental sales to the valve industry. Cumulatively, order intake
to 30 October is 13.7% ahead of the prior year. We continue to see
opportunities in countries that have a significant valve market
such as Russia, China and India. Mitigation of raw material cost
increases has benefited this division and we have seen margins
improve in the second half of the year. For the year as a whole we
now expect these to be at similar levels to the prior year.
Acquisition
As detailed in the separate announcement released this morning,
we have purchased Fairchild Industrial Products Company
("Fairchild"). The acquisition of Fairchild will strengthen
Rotork's position in the global flow control market and form the
basis of a new division, Rotork Instruments.
Financial Position
The Group continues to be highly cash generative and maintains a
strong balance sheet with a net cash balance of GBP84.9m at 30
October. This has allowed us to fund recent acquisitions out of
cash reserves.
Outlook
Based on the current backlog, we anticipate a strong end to the
year to deliver full year revenue and profit in line with the
guidance given at the Half Year Results on 2 August 2011.
Conference Call
Peter France, Chief Executive, and Jonathan Davis, Finance
Director, will be hosting a conference call for analysts and
investors at 8.00am 18 November. To join the call, please dial in
to the following number:
UK number +44 (0)20 3140 0668
UK toll free number 0800 368 1950
Participant PIN 134264#
A recording of the call will be available on the Rotork website
www.rotork.com shortly after the conclusion of the call or by
calling the following number:
UK number +44 (0)20 3140 0698
UK toll free number 0800 368 1890
US toll free number +1 877 846 3918
Conference reference 380954#
Notes
1. Third quarter refers to the period 1 July to 2 October 2011.
2. 2011 figures quoted are at actual exchange rates and include
the part year benefit from acquired businesses. 2010 are as
previously reported.
3. Rotork will be announcing its preliminary results for the
year ending 31 December 2011 on 28 February 2012.
For further information, please contact:
Rotork p.l.c. Tel: 01225 733200
Peter France, Chief Executive
Jonathan Davis, Finance Director
FTI Consulting Tel: 020 7269 7291
Nick Hasell / Richard Mountain
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSGGGRPGUPGGMM
Rotork (LSE:ROR)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Rotork (LSE:ROR)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024