Rotork PLC Trading Update (1677X)
26 Abril 2019 - 3:01AM
UK Regulatory
TIDMROR
RNS Number : 1677X
Rotork PLC
26 April 2019
Rotork Plc
Trading update
Rotork plc ("Rotork"), the global flow control and
instrumentation company, issues the following trading update
covering the first quarter period from 1 January to 31 March 2019
ahead of its Annual General Meeting to be held today.
The first quarter saw a gradual improvement in overall levels of
activity from the fourth quarter. Order intake (on an organic
constant currency basis, "OCC") was modestly ahead of the fourth
quarter, though as anticipated was down on the 2018 comparator
period which included several large greenfield orders, principally
from the Downstream Oil & Gas end user market.
Our Growth Acceleration Programme continues on track with
progress across all four pillars. Our lean/continuous improvement
rollout has started encouragingly. Our phased transition to a
market segment orientation commences in the second quarter with
China, Japan and South Korea.
Rotork continues to be highly cash generative with a strong
balance sheet and net cash of GBP46.5m at 31 March 2019 (GBP43.6m
at 31 December 2018).
Whilst we remain mindful of macroeconomic uncertainty we
continue to expect to deliver modest sales growth on an OCC basis
in 2019, with lower year on year sales in the first half reflecting
the strong comparator period, and full year margins to show
progress on 2018.
Rotork will publish 2019 half-year results on Tuesday 6 August
2019.
Enquiries:
Rotork plc Tel: +44 (0)1225 733 200
Kevin Hostetler, Chief Executive
Jonathan Davis, Finance Director
Andrew Carter, Investor Relations Director
FTI Consulting Tel: + 44 (0)20 3727 1340
Nick Hasell / Susanne Yule
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The figures quoted in this
announcement are unaudited and are subject to the review process
that will be undertaken for the H1 19 results announcement. The
person responsible for arranging for the release of this
announcement on behalf of Rotork is Helen Barrett-Hague (Company
Secretary).
Notes
1. OCC (organic constant currency) growth rates restate 2019 at
2018 exchange rates and remove the contributions from disposals
made in 2018.
2. 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 Trading Statement should be construed
as a profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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