Rotork PLC Trading Update (6994L)
2018年4月23日 - 3:00PM
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RNS Number : 6994L
Rotork PLC
23 April 2018
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 1 April 2018
("first quarter") ahead of its Annual General Meeting to be held on
Friday 27(th) April.
In the first quarter, revenue increased by 10.2% (+15.8% OCC)
with order intake up 20.9%, or 27.0% on an organic constant
currency (OCC) basis, reflecting a continuation of the more
favourable market trends seen during the last quarter of 2017 and
the receipt of several significant orders. The order book at 1
April 2018 was GBP228.3m, 18.6% (21.5% OCC) higher than at 31
December 2017 and 12.3% higher than Q1 of 2017.
Order intake Change OCC(2) Change
Controls 20.1% 27.7%
Fluid Systems 40.9% 45.8%
Gears 3.4% 7.5%
Instruments 7.7% 11.5%
Group 20.9% 27.0%
On an OCC basis, order intake increased across all divisions,
albeit against much softer comparatives for Controls and Fluid
Systems as the improvement in order intake in these divisions in
2017 started in the second quarter. Customers' spend on maintenance
and upgrades appears to be increasing to compensate for the lack of
investment over the previous few years and we saw an improvement in
investment in larger projects towards the end of the quarter.
The end market environment continues to improve. In oil and gas,
we saw growth in upstream and the improvement that we saw in
downstream in the last quarter of 2017 continued. Midstream
remained challenging and we do not expect this to improve in the
near term. We saw steady progress across the industrial process
market while water and power remained flat. Geographically, Asia,
Europe and parts of North America grew, whilst the Middle East and
Latin America were flat. We remain well placed internationally to
benefit from opportunities in our key markets.
Strategic progress
As previously communicated, we are committed, over time, to
returning Rotork to the higher levels of organic growth and margins
previously delivered by the Group, on a long term and sustainable
basis, and are engaged in a series of reviews to examine our routes
to market, innovation funnel, operations footprint, supply chain,
talent development and IT systems.
The outcome of the analysis will contribute significantly to the
growth acceleration programme which is currently being formulated
and we expect to be in a position to give further details of our
plans with the announcement of our half year results.
Financial position
The Group continues to be highly cash generative with a strong
balance sheet and net debt of GBP10.0m at 1 April 2018 (GBP12.6m at
31 December 2017).
Outlook
We are encouraged by the stronger than anticipated order intake
in the first quarter. We now expect revenues for the full year to
show mid to high single digit growth over last year on a reported
basis, despite a currency headwind of circa 5%, based on current
rates.
As previously announced, we intend to invest much of the profit
contribution from the anticipated increase in revenue in new
products, an expansion of our service infrastructure and
accelerated investment in our IT infrastructure to support our
growth acceleration programme. Despite an unfavourable divisional
mix, with stronger growth in Fluid Systems, and a small number of
large projects in Asia both having a dilutive impact, we now expect
adjusted operating margins to be slightly ahead of the prior year,
given the stronger than anticipated growth.
Enquiries:
Rotork plc Tel: +44 (0)1225 733 200
Kevin Hostetler, 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
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The figures quoted in this
announcement are unaudited and are subject to the review process
that will be undertaken for the H1 18 results announcement. The
person responsible for arranging for the release of this
announcement on behalf of Rotork is Stephen Rhys Jones (Company
Secretary).
Notes
1. 2018 figures quoted are at actual exchange rates and 2017 are
as previously reported.
2. OCC (organic constant currency) growth rates restate 2018 at
2017 exchange rates.
3. Rotork will be announcing its half year results for the period
ending 30 June 2018 on 7 August 2018.
4. Adjusted operating margins are calculated based on operating
profit before the amortisation of intangible assets and other
adjustments as defined in the 2017 Annual Report and Accounts.
5. 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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