Rotork PLC Trading Update (7482W)
2016年4月29日 - 3:01PM
RNSを含む英国規制内ニュース (英語)
TIDMROR
RNS Number : 7482W
Rotork PLC
29 April 2016
29 April 2016
Rotork plc
Trading Update
Rotork plc ("Rotork"), the market-leading actuator manufacturer
and flow control company, issues the following trading update
covering the first quarter period from 1 January to 3 April 2016
("first quarter") ahead of its Annual General Meeting to be held
later today.
Order intake and revenue in the first quarter increased 2.5% and
0.7% respectively, benefiting from favourable exchange rates and
the contribution from acquisitions. Currency contributed 3.1% to
order intake and 3.0% to revenue, with acquisitions contributing
8.4% to order intake and 9.2% to revenue. On an organic constant
currency (OCC) basis, order intake and revenue declined by 9.0% and
11.5% respectively. The order book at 3 April 2016 was GBP189.3m,
13.9% (8.0% OCC) higher than at 31 December 2015.
Oil and gas remained challenging, with weakness evident in the
midstream sector. Power was impacted by continued weakness in
China. There was good activity in the water and industrial markets.
Geographically, Latin America, parts of North America and India
remained subdued. The integration of the businesses we acquired
last year is going well, and our international sales network is
leveraging the new product opportunities. We remain well placed
internationally to benefit from opportunities in our key
markets.
The Group has made progress against the cost reduction plan
detailed in our full year results presentation in March, and we
continue to examine further opportunities to drive improvements
throughout the business.
Rotork separately also announces today the acquisition of the
Mastergear from Regal Beloit Corporation.
Rotork Controls
Order intake in the first quarter decreased 5.6% (-9.9% OCC)
compared to the prior year period. The rate of order intake was
similar to previous two quarters. Weakness in the North American
midstream oil and gas sector and in the power market, particularly
in China, were the primary causes of the reduction. All other
markets, including upstream and downstream oil and gas, water and
industrial processes, recorded growth. Geographically, Asia
remained weak. There was modest growth in Europe and the Middle
East. Activity in the Americas was similar to the prior year.
Rotork Fluid Systems
Order intake in the first quarter decreased 6.6% (-9.8% OCC)
compared to the prior year period as the business continued to be
affected by the on-going challenging conditions in the oil and gas
industry, although the rate of order intake was similar to the
previous two quarters. Industrial process and power industries both
declined modestly compared to the prior year, whilst water improved
slightly. Geographically, business in the Middle East & Africa
was good, although all other regions declined relative to the first
quarter last year.
Rotork Gears
First quarter order intake increased 15.2% (+4.5% OCC) driven by
growth in new markets such as industrial applications and the
contribution from the acquisition of Roto Hammer. Water, power and
industrial processes all showed good growth over the prior year
period. Geographically, the Americas, Europe and Middle East &
Africa were robust, with Asia slightly down on the prior year.
Rotork Instruments
The Instruments business benefited from several acquisitions
completed last year which contributed to our product
diversification strategy and increased first quarter order intake
by 53.6%. On an organic constant currency basis, order intake was
6.4% lower than the same quarter in the prior year, due to exposure
to the oil and gas market and the timing of a large product order
in Rotork Midland. There was strong growth in the water and power
markets. As expected, oil and gas, excluding acquisitions, was
lower than in the first quarter last year. Geographically, most
regions were broadly in line with the prior year period. Asia was
the exception, reflecting the general slowdown in China.
Financial position
The Group continues to be highly cash generative with a strong
balance sheet and net debt of GBP58.2m at 3 April 2016 (GBP71.1m at
31 December 2015).
Outlook
We anticipate that the energy markets will remain challenging
throughout the year. However, our strategy of expanding our end
markets and products organically and through acquisition has
resulted in a strong product portfolio and a geographic presence
that will generate continued opportunities.
Taking into account revenue in the first quarter, order
visibility and order intake trends, revenue for the full year is
anticipated to be slightly weighted to the second half of the year,
in line with our traditional historical pattern. Associated lower
volumes will also be reflected in first half margins. We continue
to make progress on our accelerated cost reduction programme and
are examining further opportunities to reduce our cost base in line
with market conditions.
Management expectations for the full year are unchanged.
Enquiries:
Rotork p.l.c. FTI Consulting
Tel: +44 (0)1225 733 200 Tel: +44 (0)20
3727 1340
Peter France, Chief Executive Nick Hasell
Jonathan Davis, Group Finance Susanne Yule
Director
Cynthia Alers, Head of Investor
Relations and Strategy
Notes
1. 2016 figures quoted are at actual exchange rates and 2015 are as previously reported.
2. OCC (organic constant currency) growth rates remove the
results of the businesses acquired during 2015 that were not
consistently in both periods' results and restate 2016 at 2015
exchange rates.
3. Rotork will be announcing its half year results for the
period ending 30 June 2016 on 2 August 2016.
4. 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 company news service from the London Stock Exchange
END
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