Rotork PLC Trading Update (1963L)
24 Abril 2015 - 3:00AM
UK Regulatory
TIDMROR
RNS Number : 1963L
Rotork PLC
24 April 2015
24 April 2015
Rotork plc
Trading update
Rotork p.l.c ("Rotork"), the market leading actuator
manufacturer and flow control company, issues the following trading
update covering the period from 1 January to 29 March 2015 ahead of
its Annual General Meeting, to be held later today.
Order intake in the first quarter was 7.3% lower (OCC -13.1%)
than the same quarter last year. This performance reflected the
effect of lower investment in the upstream oil and gas market and
continued uncertainty in Russia, Eastern Europe and the Middle East
as political tensions remain in these regions. Asia Pacific also
had a slower start to the year than anticipated. Revenue for the
first quarter was 6.7% lower (OCC -12.6%) than the same period last
year reflecting the slower start to the year and the timing of
project deliveries.
Despite a challenging first quarter the order book at the end of
March was GBP196m, 6.5% higher than December 2014, and we remain
encouraged by current project activity levels across the Group.
Rotork Controls
Order intake for the first quarter was 5.8% down on the same
period last year (-6.4% OCC). Project visibility and quotation
activity remain good. We continue to see strong demand for our
products in the Americas, India and the Middle East. Based on the
current visibility of projects we are anticipating a stronger Q2 in
Asia with Europe remaining subdued.
Rotork Fluid Systems
Order intake was down 29.9% on the same period last year (-29.1%
OCC) reflecting the effect of project delays and general
uncertainty in oil & gas. Whilst we expect the market to remain
challenging, project activity is improving and we anticipate an
improved position in Q2. The Americas in particular are expected to
provide further opportunities and we continue to develop our sales
activities in Asia.
Rotork Gears
We continue to see opportunities for growth in Gears. Order
intake for the first quarter was 2.0% higher than the prior year
(2.7% OCC). We are anticipating good growth in Asia and the
Americas as sales activities undertaken in prior periods and
continued efforts deliver results.
Rotork Instruments
The Instruments division continues to benefit from acquisitions
as well as organic growth. Order intake in the first quarter was
128.3% higher than the same period last year (4.3% OCC). Progress
continues to be made integrating recently acquired businesses into
the Rotork Group and YTC and Midland are performing well.
Financial position
The Group continues to be highly cash generative and maintains a
strong balance sheet with a high return on capital employed. Net
cash balances at 29 March 2015 were GBP35.2m.
Outlook
Project activity in the Americas and Asia Pacific remains
encouraging and we see opportunities across our key end markets. We
continue to anticipate a challenging trading environment in the
short term with the timing of orders difficult to forecast. In the
light of trading to date, the Board currently expects first half
results to be lower than the prior year.
Whilst as anticipated full year margins will be slightly lower
than the prior year, current project visibility, combined with the
strength of our product portfolio and international sales network,
should enable a stronger second half, delivering an overall
performance in line with management expectations for the full
year.
For further information,
please contact:
Rotork p.l.c. Tel: 01225 733200
Peter France, Chief Executive
Jonathan Davis, Finance
Director
FTI Consulting Tel: 020 3727 1340
Nick Hasell / Susanne
Yule
Notes
1. 2015 figures quoted are at actual exchange rates and 2014 are
as previously reported.
2. OCC (organic constant currency) growth rates remove the
results of the businesses acquired during 2014 and 2015 that were
not consistently in both periods' results and restate 2015 at 2014
exchange rates.
3. First quarter results refer to the period from 1 January to
29 March 2015.
4. Rotork will be announcing its half year results for the
period ending 30 June 2015 on 4 August 2015.
5. This announcement contains certain forward-looking statements
with respect to the operations, performance and financial condition
of the Group. By their nature, these statements involve uncertainty
since future events and circumstances can cause results and
developments to differ materially from those anticipated. The
forward-looking statements reflect knowledge and information
available at the date of preparation of this announcement and
Rotork undertakes no obligation to update these forward-looking
statements. Nothing in this interim management statement should be
construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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