Interim Management Statement (7135B)
20 Abril 2012 - 3:00AM
UK Regulatory
TIDMROR
RNS Number : 7135B
Rotork PLC
20 April 2012
20 April 2012
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 January to 19 April
2012. All figures relating to trading are for the period 1 January
to 30 March 2012.
The strong end to 2011 has continued into 2012 and we are
pleased to report record order intake in the first quarter of
GBP132m, 21% (14% OCC) ahead of the prior year. Last year we
experienced a positive second half in terms of order intake and
revenue growth and therefore year-on-year comparisons will become
more challenging as the year progresses. However, the year has
started well and revenue in the first quarter was 26% (18% OCC)
ahead of the prior year. The order book now stands at GBP169m, 7.2%
higher than at the year end. The visibility of upcoming projects
remains good and all regions have shown order intake at higher
levels than last year.
Inflationary cost pressures remain and, as previously indicated,
we are anticipating slightly higher costs in the first half related
to new product launches. Overall, we anticipate Group margins for
the full year will be similar to 2011.
Rotork Controls
We have seen positive growth from most regions and order intake
in our electric actuator division was 8% higher than the prior
year. Whilst China has experienced a slight slowdown, this has been
more than offset by increased business in other geographies and the
long-term prospects for China remain good. This year will see a
number of product launches, including the latest version of the IQ
series of electric actuators. We will also launch a new actuator in
the Rotork Process Control family of products and these products
should start to benefit the division in the second half of the
year. Costs have increased in the division due to inflationary
pressures and to support the new product introductions, offsetting
some of the benefit of operational gearing from the increased
revenue.
Rotork Fluid Systems
The pneumatic and hydraulic actuator division has started well,
continuing the strong end to the prior year. Order intake for the
first quarter is 32% ahead of last year. Orders from Europe and
North America for domestic and international projects continue to
drive the performance of this division, although we have seen
increased activity from Asia, including China, albeit from a
relatively low base. Whilst we are pleased with the development of
order intake, the phasing of the conversion of orders to sales
means at this stage we anticipate that revenues and margins will be
higher in the second half than in the first half of the year. Our
target margin for this division remains 15%.
Rotork Gears
Our gears business continues to make good progress and has seen
order intake grow by 36% over the first quarter of 2011. Asia, and
especially China, has demonstrated the fastest growth rates. As
with the other divisions, Gears has a number of new product
launches and sales initiatives that will benefit the business this
year and thereafter.
Rotork Instruments
The integration of Fairchild, the first company in the
newly-created Rotork Instruments division, is proceeding well and
business levels are as expected. The majority of the business is
focused on North America but we continue to look for opportunities
to strengthen the international sales network using our existing
global footprint. Progress has already been made in Singapore,
China, India, Russia, Mexico and Brazil.
Financial Position
The Group continues to be highly cash generative and maintains a
strong balance sheet with a sector leading ROCE. Net cash balances
at the end of the quarter were GBP57m.
There have been no material events or transactions affecting the
Group in the period.
Outlook
The Group is performing in line with the Board's expectations
and the order intake in the first quarter, current backlog and
project visibility give us confidence in making further progress in
2012.
Notes
1. First quarter refers to the period 1 January to 30 March 2012.
2. 2012 figures quoted are at actual exchange rates and 2011 are as previously reported.
3. Rotork will be announcing its half year results for the
period to 30 June 2012 on 31 July 2012.
4. OCC (organic constant currency) growth rates remove the
results of the businesses acquired during 2011 and restate the 2012
results at 2011 exchange rates.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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