Rotork PLC Trading update (6212D)
2017年4月28日 - 3:00PM
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RNS Number : 6212D
Rotork PLC
28 April 2017
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 2 April 2017
("first quarter") ahead of its Annual General Meeting to be held
later today.
Group order intake and revenue in the first quarter increased
19.7% and 14.5% respectively, benefiting from favourable exchange
rates and the contribution from acquisitions. Currency contributed
13.7% to order intake and 13.1% to revenue, with acquisitions
contributing 3.3% to order intake and 2.7% to revenue. On an
organic constant currency (OCC) basis, order intake increased by
2.7% and revenue was down 1.4%. The order book at 2 April 2017 was
GBP203.3m, 12.5% (12.2% OCC) higher than at 31 December 2016.
OCC(2)
Order intake Change Change
Controls 17.3% 3.2%
Fluid Systems 23.0% 8.6%
Gears 32.6% -5.8%
Instruments 6.7% -2.6%
Group 19.7% 2.7%
On an OCC basis, we saw improvements in order intake in our
Controls and Fluid Systems divisions, albeit against soft
comparatives for Fluid Systems in particular. Gears and Instruments
order intake was lower than in the prior year period.
The end market trends seen towards the end of 2016 continued in
the first quarter of 2017. Oil and gas remained challenging, with
weakness evident in the downstream sector, although we have seen an
improvement in levels of activity in upstream and midstream. There
was good activity in the power and industrial markets while water
remained flat. Geographically, we saw growth in the Middle East and
parts of Asia while parts of North America, Europe and Latin
America remained subdued. We remain well placed internationally to
benefit from opportunities in our key markets.
Our cost reduction programme is progressing as planned and as
detailed at the time of our full year results in February. Cost
management remains a priority as we look to mitigate inflationary
pressures through our operating base.
Financial position
The Group continues to be highly cash generative with a strong
balance sheet and net debt of GBP44.7m at 2 April 2017 (GBP55.0m at
31 December 2016).
Outlook
We anticipate that any near-term growth in energy markets will
remain modest. However, our strategy of expanding our end markets
and products organically and through acquisition has resulted in a
strong product portfolio, diverse end market exposure and a
geographic presence that will generate continued opportunities.
Revenue is anticipated to be weighted to the second half of the
year as usual and first half margins are expected to be lower than
those for the comparative period. However we remain well placed to
make progress in 2017 and management expectations for the full year
are unchanged.
Enquiries:
Rotork plc Tel: +44 (0)1225 733
200
Peter France, Chief
Executive
Jonathan Davis, Finance
Director
Sarah Matthews-DeMers, Director of Strategy
and Investor Relations
FTI Consulting Tel: + 44 (0)20 3727
1340
Nick Hasell / Susanne
Yule
Notes
1. 2017 figures quoted are at actual exchange rates and 2016 are as previously reported.
2. OCC (organic constant currency) growth rates remove the
results of the business acquired during 2016 that were not
consistently in both periods' results and restate 2017 at 2016
exchange rates.
3. Rotork will be announcing its half year results for the
period ending 30 June 2017 on 8 August 2017.
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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