Final Results
2002年3月21日 - 4:00PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:3245T
Rotork PLC
21 March 2002
21 March 2002
Rotork p.l.c.
Preliminary Announcement
Rotork p.l.c., the international specialist engineering group, announces audited
results for the year ended 31 December 2001.
% increase 2001 2000
Turnover +14.7 £123.7m £107.9m
Operating profit +22.7 £24.3m £19.8m
Profit before taxation +20.4 £24.8m £20.6m
- before goodwill amortisation +19.7 £25.9m £21.6m
Earnings per share
- basic +21.2 18.9p 15.6p
- diluted +21.2 18.9p 15.6p
- basic before goodwill amortisation +19.6 20.1p 16.8p
Dividend per share +6.1 12.95p 12.2p
Highlights of the year included:
• Rotork's three main markets, Oil, Gas and Water, have seen increased
investment by customers during the year
• Strong order book up 11% year on year
• Strong net cash position up £6.7m
• US, Canadian and Venezuelan subsidiaries all registered highly
creditable performances
• Jordan Controls Inc. acquired in January 2002 - strengthening Group
position and allowing access into new markets
• Development of the full IQ2 range of actuators now complete
Chairman, Roger Lockwood, said:
'Overall our worldwide companies have experienced a better year in 2001. We
have begun the current year with a strong order book and order intake to date
continues to support our targets'.
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
Peter Otero
PRELIMINARY STATEMENT
INTRODUCTION
Rotork has experienced a noticeable improvement this year in the market for most
of its product lines which has enabled us to achieve significant advances in
turnover, profit and earnings. Sales increased by 15% to £123.7m, pre-tax
profit by 21% to £24.8m and pre-goodwill earnings per share by 20% to 20.1
pence. Our closing order book was 11% above that of December 2000.
OPERATING REVIEW
Our three main markets have seen increasing investment by customers during the
year with projects previously on hold being released and new ones coming on
stream.
The strengthening dollar contributed to a highly creditable outcome for our US
business, the achievements of which were mirrored by our Canadian and Venezuelan
subsidiaries. Whilst Far Eastern results were mixed some companies recorded
encouraging performances. In Europe the continued weakness of the euro made
trading conditions difficult. However, growth was achieved as we adapted our
business processes to prevailing rates while continuing to deliver a full
service to our customers.
In line with our stated strategy of expanding the scope of our operations whilst
remaining focused on valve actuation, we acquired Jordan Controls Inc. of
Milwaukee in January 2002. This strengthens our position in some existing
business areas and facilitates entry into new ones. We can derive benefits from
the joint development of electronics and Jordan will gain from our international
sales capability.
The development of the full IQ2 range is now complete and production issues
relating to the introduction of the range were resolved by the end of the
summer. As a result we can report a substantially higher second half
performance with shortened customer delivery times and the order book reduced to
more satisfactory levels. The impact on inventory turns in the second half year
has eased as the IQ2 replaced its predecessor.
In addition to the successful introduction of the IQ2 range itself, the Group is
also engaged in a number of projects designed to incorporate selected IQ2
features into other products, which will be targeted at specific market sectors.
The overseas sourcing programme has proved a success and we now buy high quality
components from a number of Far East suppliers. This initiative will be further
developed for future products as part of a sustained drive to enhance margins
and deliver cost effective quality products to our customers.
The Fluid System businesses in the US and Italy improved on their prior years
performance and we now have a profitable fluid power operation with a more
integrated product range. This activity forms a key component of our growth
plans and is receiving appropriate levels of emphasis and support within the
group. The new management team has recorded a number of successes and views the
future with confidence.
DIRECTORS
I am pleased to report that Bob Arnold was appointed to the board of the company
in August. For over 13 years Bob has been, and will remain, President of our
operations in the Americas. We look forward to his continued contribution to the
overall progress of the group.
DIVIDEND
The dividend last year had been held at 1999 levels, reflecting the trading
position in 2000. At the interim stage we increased the dividend by 5.6% to
reflect our improved trading this year, and I am pleased to say that the
directors are recommending that the final dividend be increased to 8.3p per
share (2000: 7.8p) which will bring the total for the year to 12.95p (2000:
12.2p). This is payable on 27 May 2002 to shareholders on the register on 2
April 2002. This represents an increase of 6.1% for the year, with dividend
cover of 1.5 times post-tax earnings.
OUTLOOK
We have strengthened our operations in a number of key areas during 2001. After
a shortfall of orders in the final weeks of 2001, order intake in the first part
of the current year has been ahead of target and most of our world-wide
operations are reporting good project activity levels. This should allow us to
make further progress in spite of the uncertainties of our operating
environment.
Audited Consolidated Profit and Loss Account
for the year ended 31 December 2001
2001 2000
£'000 £'000
Turnover 123,689 107,880
Cost of sales (65,877) (59,021)
Gross profit 57,812 48,859
Distribution costs (2,649) (2,286)
Administrative expenses (30,613) (27,502)
Other operating (expenses)/income (270) 680
Operating profit 24,280 19,751
Operating profit before amortisation of goodwill 25,307 20,787
Amortisation of goodwill (1,027) (1,036)
Operating profit 24,280 19,751
Interest receivable and similar income 793 1,090
Interest payable and similar charges (230) (259)
Profit on ordinary activities before taxation 24,843 20,582
Tax on profit on ordinary activities (8,539) (7,110)
Profit for the financial year 16,304 13,472
Dividends - including non-equity (11,147) (10,504)
Retained profit for the financial year 5,157 2,968
pence pence
Basic earnings per share 18.9 15.6
Basic earnings per share before goodwill amortisation 20.1 16.8
Diluted earnings per share 18.9 15.6
All results relate to continuing operations.
Audited Group Balance Sheet
at 31 December 2001
2001 2000
£'000 £'000
Fixed assets
Intangible assets 16,637 18,166
Tangible assets 14,095 15,763
Investments 578 -
31,310 33,929
Current assets
Stocks 18,048 14,553
Debtors due within one year 33,409 32,562
Debtors due after more than one year 317 384
Cash at bank and in hand 22,162 16,820
73,936 64,319
Creditors:
Amounts falling due within one year (34,877) (31,491)
Net current assets 39,059 32,828
Total assets less current liabilities 70,369 66,757
Creditors:
Amounts falling due after more than one year (150) (1,011)
Provisions for liabilities and charges (2,322) (3,293)
Net assets 67,897 62,453
Rotork shareholders' funds
Equity 67,844 62,394
Non-equity 53 59
Capital employed 67,897 62,453
Note:
The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2001 or 2000. The financial
information for 2000 is derived from the statutory accounts for 2000 which have
been delivered to the Registrar of Companies. The auditors have reported on the
2000 and 2001 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 2001 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 2001
2001 2000
£'000 £'000
Operating profit 24,280 19,751
Depreciation and amortisation 3,039 2,995
Loss/(profit) on sale of fixed assets 117 (101)
Movement in working capital (1,894) (6,236)
Net cash inflow from operating activities 25,542 16,409
Returns on investments and servicing of finance 685 863
Taxation (8,753) (8,539)
Capital expenditure and financial investments (833) (3,057)
Acquisitions and disposals (68) (394)
Dividends paid on equity ordinary shares (10,728) (10,543)
Financing (422) (1,615)
Increase/(decrease) in cash and term deposits in the year 5,423 (6,876)
This information is provided by RNS
The company news service from the London Stock Exchange
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