Interim Management Statement (3177F)
2011年4月21日 - 3:00PM
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TIDMROR
RNS Number : 3177F
Rotork PLC
21 April 2011
21 April 2011
Rotork p.l.c
Interim Management Statement
Rotork p.l.c, the market leading actuator manufacturer, is today
publishing its first Interim Management Statement for 2011 covering
the period from 1 January to 21 April 2011.
The year has started well and we are pleased to report record
order intake in the first quarter of GBP108m, 18% ahead of the
prior year. Shipments are slightly down on the prior year due to
the timing of delivery requests by our customers. We are
anticipating a stronger second half performance than the first half
as these projects are delivered. The strong order intake and level
of shipments has resulted in a Group order book of GBP153m, 10%
higher than the year end and 18% ahead of the same point last
year.
We anticipate the first half results will show margins slightly
lower than the prior year, reflecting our continued investment in
the business for growth and higher raw material costs. In Rotork
Fluid Systems, margins in the first half will show a reduction,
although this is expected to reverse in the second half. Management
remains focused on mitigating the effect of higher raw material
costs through sourcing initiatives. Overall, we anticipate Group
margins for the full year will be similar to the prior year.
The market in Japan has already started to return and we are
supporting our Japanese customers in repairing and replacing
damaged equipment. A number of nuclear power projects have been
delayed while governments assess the risks. However, we expect the
investment in this market to return in the medium to long term with
increased maintenance activity in the short term.
Rotork Controls
Our electric actuator division has seen strong demand across all
sectors and geographies. Our focus on innovation and customer
service provides a solid base to benefit from the increased
activity in the markets we serve. China and India have had a strong
start to the year and we have already started to benefit from the
increased investment in the Indian market. Rotork Process Controls
continues to develop its product offering and we are seeing an
increase in activity throughout our sales offices.
Rotork Fluid Systems
Our pneumatic and hydraulic actuator division has seen the
greatest increase in order intake, 29% up on the first quarter of
last year. We have seen increased demand for actuators used on
emergency shutdown systems and investment in oil and gas
infrastructure remains strong. The continued development of our
international presence including recent acquisitions and new
offices in India, the Middle East and China is broadening our end
market exposure and providing new opportunities. China and Brazil
have had a very good start to the year and we are expecting good
results in India and from the Middle East. The strong input
expected in the first half will benefit margins in the second half
as the revenue increases.
Rotork Gears
Our gears business continues to grow organically through
incremental sales to the valve industry. We are focused on
developing sales channels in fast-growing markets such as China,
India and Russia and are experiencing success in winning new
customers. We have also introduced a number of new gearbox products
that are making encouraging progress and will benefit us towards
the end of 2011 and into 2012. We remain focused on mitigating raw
material cost increases however these activities may not benefit us
in the current year as we may see slightly lower margin in this
division.
Financial Position
The Group continues to be highly cash generative and maintains a
strong balance sheet. This position supports our current trading
and will allow us to take advantage of future opportunities. Cash
balances at the end of the quarter were GBP104m. There have been no
material events or transactions affecting the Group in the
period.
Corporate activity
On 8 April we completed the acquisition of Rotork Servo Controls
Mexico. This acquisition will allow the Group to develop its sales
channels in Mexico and invest in its service solution.
Outlook
The record order intake and current activity levels in the
markets that we serve give us confidence in making further progress
in 2011.
Notes
1. First quarter refers to the period 1 January to 3 April
2011.
2. 2011 figures quoted are at actual exchange rates and 2010 are
as previously reported.
3. Rotork will be announcing its interim results for the period
to 30 June 2011 on 2 August 2011.
For further information, please contact:
Rotork p.l.c. Tel: 01225 733200
Peter France, Chief Executive
Jonathan Davis, Finance Director
Financial Dynamics Tel: 020 7269 7291
Nick Hasell / Richard Mountain
This information is provided by RNS
The company news service from the London Stock Exchange
END
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