Rotork PLC Trading Update (1283U)
21 Novembro 2019 - 4:00AM
UK Regulatory
TIDMROR
RNS Number : 1283U
Rotork PLC
21 November 2019
Rotork Plc
Trading update
Rotork plc ("Rotork"), the global flow control and
instrumentation company, issues the following trading update
covering the four months to 27 October 2019.
Order intake showed improvement on the 2018 third quarter
comparator period on an organic constant currency(1) ("OCC") basis,
and was also ahead on a year-to-date basis. Rotork's customers have
continued to spend on maintenance and repair as well as upgrade,
modernisation and automation whilst large project activity has
remained subdued. A slightly greater than usual proportion of
recent orders are not for delivery until next year. We therefore
now expect to deliver modestly lower OCC sales year-on-year in
2019, reflecting order phasing, portfolio and product
rationalisation, and the impact on the prior year from delivery of
several significant projects and sales to countries subsequently
placed under sanction.
Full year adjusted operating margins are expected to show good
progress year-on-year benefiting from continued execution of the
Growth Acceleration Programme and mix. We expect reported 2019
adjusted operating profit to be in-line with management
expectations on an OCC basis. We note that sterling has
strengthened since our interim results.
Our Growth Acceleration Programme is on track. Our end market
reorganisation continues with the rollout to Asia Pacific completed
and Europe, Middle East & Africa now well underway. Our Value
Selling initiative is ongoing, with over half of our sales people
having already completed the training. We have made further
progress driving lean improvements and reducing inventory levels.
We have completed the IT system design stage and we plan to launch
the global HR platform ahead of plan before the end of the
year.
Rotork remains highly cash generative with a strong balance
sheet. Net cash at 27 October 2019 was GBP66.9m (GBP31.6m at 31
December 2018 including GBP12.0m of lease liabilities).
Rotork will publish 2019 full-year results on Tuesday 3 March
2020.
(1) OCC is organic constant currency results excluding
discontinued businesses and restated at 2018 exchange rates
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
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END
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