Final Results - Replacement
04 Abril 2001 - 8:10AM
UK Regulatory
RNS Number:6101B
Rotork PLC
4 April 2001
The issuer advises that the Final Results announcement released at 07:00 on 22
March 2001 under RNS Number 8742A has been amended.
The payment date for the final dividend should read 29 May 2001 and not 21 May
2001 as previously stated.
All other details remain unchanged. The full corrected version is shown
below.
Rotork p.l.c.
Preliminary Announcement
Rotork p.l.c., the international specialist engineering group, announces
audited results for the year ended 31 December 2000.
2000 1999
Turnover #107.9m #117.5m
Operating profit #19.8m #26.0m
Profit before taxation #20.6m #26.9m
- before goodwill
amortisation #21.6m #27.8m
Earnings per share
- basic 15.6p 20.3p
- diluted 15.6p 20.3p
- basic before goodwill
amortisation 16.8p 21.3p
Dividend per share 12.2p 12.2p
Highlights of the year included:
* Gross margin maintained near 1999 levels
* New IQ actuator launched; well received by customers
* Move to new US production facility completed on time and under
budget
* Order book up 19% on previous year
* Performance reflects reduced capital expenditure in the hydrocarbon
sector
Chief Executive, Bill Whiteley, said:
"Following a difficult eighteen months, activity in the hydrocarbon sector has
returned to more normal levels. With the new IQII actuator now in full
production and our closing order book up nearly 20% on last year the outlook
for the current year is more promising."
For further information, please contact:
Rotork p.l.c. Tel: 01225
733200
Bill Whiteley, Chief Executive
Bob Slater, Finance Director
Financial Dynamics Tel: 0207 831
3113
Tom Baldock
PRELIMINARY STATEMENT
Introduction
Lower investment in the hydrocarbon sector and consolidation within the
industry over the last eighteen months resulted in reduced levels of capital
investment and therefore contributed to lower demand for actuators and
associated products. Over 40% of Rotork actuators are shipped to customers in
these sectors and the result of this reduced spend was that the order book at
the beginning of 2000 was lower than at the previous year-end. Nevertheless,
gross margin in 2000 was maintained at 1999 levels underlining the quality of
our products and customer support. In addition activity in this sector now
appears to be returning to more normal levels and I am pleased to report that
our closing order book was nearly 20% higher than at the end of the previous
year.
Operating Review
The most significant development programme undertaken to date at Rotork is now
complete and the latest version of the IQ intelligent actuator is in full
production at our Bath and Rochester facilities. The increased functionality
obtained by utilising advanced electronic techniques is meeting with
widespread customer approval. During the development programme the
opportunity was taken to identify lower cost overseas sources for some of the
more significant electronic and mechanical assemblies. We intend to make
greater use of these and other low cost sources in the future to further
reduce costs across our complete product range.
The new production facility for our American operations situated in Rochester
New York was completed on schedule and under budget in May. We took the
opportunity to introduce the modern production methods that had already been
successfully installed at our Bath plant to improve the efficiency and
capacity of this operation. Rotork Gears are also using this facility as a
base for their expanding American operations and the resulting improved
service levels to US customers have already created further business
opportunities for these products.
Rotork Gears now contributes significantly to our profitability and this is
due in part to the successful integration of acquisitions made in recent
years. The latest of these was the purchase in October of the business and
assets of the actuator division of Skil Controls Limited previously located in
Skelmersdale. This business had a specialised product, which is capable of
being marketed through our existing international sales network. Although
currently relatively small, we believe that potential exists for significant
growth.
The year saw the opening of our wholly owned company in the People's Republic
of China and business levels there to date have been encouraging. The rest of
our Far East operations experienced a mixed year but all have had acceptable
returns and the outlook in most of these territories is now more positive than
it had been for some time.
Our Fluid Power plants in the USA and Italy are particularly dependent of oil
industry business and as a result experienced a difficult trading environment
during the year.
We have redesigned our processes in both plants and have an ambitious product
development programme. As a result of restructuring, a new Fluid Power
management team has been put in place. I am pleased to report that the fluid
power order book at the end of the year was higher than it has been in the
recent past and there is currently much more optimism about our prospects.
Dividend
In view of the current trading position the directors are recommending that
the dividend be held at last year's level with a final dividend of 7.8p
bringing the total for the year to 12.2p. This will be paid on 29 May to
shareholders on the register on 30 March.
Outlook
Our strategic focus has continued to be the design, manufacture and marketing
of actuator, system and related products. Our Product development programme
in the three main activities, Electric Actuators, Fluid System and Rotork
Gears is providing a greater breadth of solutions to customers across our
market sectors, supported by acquisition where appropriate.
Activity levels are steadily improving and our marketing companies view the
year ahead with greater confidence. The second half of 2000 saw an
improvement in order intake into our plants, and this trend has continued into
the early part of the current year. The introduction of our new IQ actuator
is strengthening our market position and we will build on this success with
further product developments that will incorporate its innovative concepts.
The strength of sterling, particularly against the Euro, continues to cause
difficulties for us but with some signs of favourable movement this year,
together with improvements in activity from our main customer sectors, the
outlook for the current year is more promising.
Audited Consolidated Profit and Loss Account
for the year ended 31 December 2000
Group Group
2000 1999
#'000 #'000
Turnover
Cost of sales 107,880 117,535
(59,021) (63,626)
_______ ______
Gross profit 48,859 53,909
Distribution costs (2,286) (2,023)
Administrative expenses (27,502) (26,021)
Other operating income 680 95
Operating profit 19,751 25,960
Operating profit before
amortisation of goodwill 20,787 26,855
Amortisation of goodwill (1,036) (895)
______ _______
Operating profit 19,751 25,960
Net interest receivable and
similar items 831 987
_______ _______
Profit on ordinary activities
before taxation 20,582 26,947
Tax on profit on ordinary
activities (7,110) (9,477)
Profit for the financial year 13,472 17,470
Dividends including non equity (10,504) (10,546)
_______ ______
Retained profit for the
financial year 2,968 6,924
_______ ______
pence pence
Basic earnings per share 15.6 20.3
Basic earnings per share before
goodwill amortisation 16.8 21.3
Diluted earnings per share 15.6 20.3
All results relate to continuing operations
Audited Balance Sheet
at 31 December 2000
Group Group
2000 1999
#'000 #'000
Fixed assets
Intangible assets 18,166 19,175
Tangible assets 15,763 14,412
33,929 33,587
Current assets
Stocks 14,553 13,790
Debtors due within one year 32,562 27,806
Debtors due after more than one
year 384 581
Cash at bank and in hand 16,820 25,788
64,319 67,965
Creditors:
Amounts falling due within one year (31,491) (35,824)
Net current assets 32,828 32,141
Total assets less current liabilities 66,757 65,728
Creditors:
Amounts falling due after more
than one year (1,011) (1,758)
Provisions for liabilities and
charges (3,293) (4,221)
______ ______
Net assets 62,453 59,749
===== =====
Rotork shareholders' funds
Equity 62,394 59,690
Non-equity 59 59
_______ _______
Capital employed 62,453 59,749
===== =====
Note:
The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2000 or 1999. The
financial information for 1999 is derived from the statutory accounts for 1999
which have been delivered to the Registrar of Companies. The auditors have
reported on the 1999 and 2000 accounts; their reports were unqualified and did
not contain a statement under section 237 (2) or (3) of the Companies Act
1985. The statutory accounts for 2000 will be delivered to the Registrar of
Companies following the company's annual general meeting.
Audited Statement of Group Cash Flow
for the year ended 31 December 2000
Group Group
2000 1999
#'000 #'000
Operating profit 19,751 25,960
Depreciation and amortisation 2,995 2,758
Profit on sale of fixed assets (101) -
Movement in working capital (6,236) (2,772)
______ ______
Net cash inflow from operating
activities 16,409 25,946
Returns on investments and
servicing of finance 863 894
Taxation (8,539) (10,268)
Capital expenditure (3,057) (2,497)
Acquisitions and disposals (394) (14,893)
Dividends paid on equity
ordinary shares (10,543) (9,817)
Financing (1,615) 903
_______ ______
Decrease in cash and term
deposits in the period (6,876) (9,732)
====== =====
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
