Rotork PLC - Final Results
1999年3月25日 - 4:30PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS No 6700p
ROTORK PLC
25th March 1999
Rotork p.l.c.
Preliminary Announcement
Rotork p.l.c., the international specialist engineering group, announces
results for the year ended 31 December 1998.
1998 1997
(restated)
Turnover #101.44m #92.85m
Operating Profit #23.56m #20.20m
Profit before taxation #25.41m #22.14m
- before goodwill amortisation #25.73m #22.32m
Earnings per share
- basic 18.89p 15.85p
- diluted 18.86p 15.82p
- basic before goodwill amortisation 19.26p 16.06p
Dividend per share 10.90p 9.30p
Highlights of the year included:
- 15 % increase in profit before taxation
- 20 % increase in basic earnings per share before goodwill amortisation
- 17% increase in dividend
- 17% increase in closing order book year on year
Chief Executive, Bill Whiteley, said:
"We are pleased to be able to report continued growth against a challenging
economic background. The strength of our core electric actuator operation
was supported by growth in the valve gearbox and fluid power actuator
businesses. The recent acquisitions of Valvekits Group Limited and Fluid
System S.r.l. further strengthen these activities. Product innovation and
continued expansion of our worldwide marketing network also underpin our
growth plans."
For further information, please contact:
Rotork p.l.c. Tel: 01225 733200
Bill Whiteley, Chief Executive
Bob Slater, Finance Director
Financial Dynamics Tel: 0171 831 3113
Tom Baldock
CHAIRMAN'S REVIEW
TRADING
The quality and strength of Rotork's business is reflected in the 20% EPS
growth, which was achieved despite difficult economic conditions in some
overseas markets.
With the exception of the US dollar, sterling remained strong particularly
against the Canadian and Australian dollars and the Indian rupee. The Far
East operations, which began the year in an uncertain environment, all
exceeded their prior year performances. The US and Canadian companies traded
strongly and both ended the year with large order books. The UK market was
weak especially compared with its exceptional condition in 1997 whilst, with
the exception of Holland, the five European actuator companies performed
well.
There was some weakness in markets where oil production has a major economic
impact, in particular the Middle East. This was, however, more than offset
by progress in developing closely related businesses. Exeeco experienced a
substantial increase in its gearbox business whilst Alecto, a Dutch gearbox
manufacturer which was acquired at the start of the year, exceeded
expectations. The recent acquisition of Valvekits, a supplier of valve
adaption and valve accessories adds to the strength of this sector of the
business. The development of Rotork Gears is being promoted to expand the
sale of these companies' products through existing channels and selected
Rotork outlets around the world. Rotork's ambition to increase its share of
the fluid power actuator market was realised. Investment continues to be
made in widening the product offering and increasing the depth of the
company's capabilities in this area. The acquisition of Fluid System Srl in
Italy, announced this week, meets an important strategic objective of adding
a European production base to the existing fluid power operations based in
Rochester, New York.
Increased commitment to Research and Development during the year was aimed at
both developing existing products and systems and creating new solutions for
new markets. In the latter category the electric fail-safe actuator has won
important orders and the first units have been successfully commissioned.
There is much interest in this technology from international oil companies
and additional resources have been committed to exploit this new concept.
The reorganisation of the Bath assembly operation was completed on time,
substantially increasing capacity and delivery flexibility. Input costs were
tightly controlled and promising new component sources were developed.
SHARE BUY-BACKS
Following the approval by shareholders and relevant class members at the last
AGM the Company has successfully repurchased over 96% of its preference
shares. The Company intends to continue to seek further authority at each
AGM until that class of shares is extinguished. The Company will also
continue to seek limited authority at AGMs to repurchase its ordinary shares.
DIVIDEND
In line with the Group's continued growth, the Board proposes an increased
final dividend of 7.0p (1997: 5.85p) making a total dividend for the year of
10.9p (1997: 9.3p). This is an increase of 17% and maintains dividend cover
of 1.7 times post tax earnings.
CASH
Cash balances reduced by #1m to #33m after the acquisition of Alecto Valve
Actuators BV (#4.2m) and purchase of preference shares (#2.5m).
THE FUTURE
While economic conditions in some overseas markets remain challenging,
management is confident that demand for the company's products coupled with
contributions from the two recently acquired businesses will enable Rotork to
maintain further profitable growth in the current year.
Looking further forward, the quality of Rotork's products, its ability to
expand business within its areas of competence and its unique role as an
independent supplier of equipment to the world's valvemakers give us great
confidence in the company's long-term prospects.
CHAIRMAN
Recent board changes have seen the appointment of new non-executive and
executive directors. As Chairman I now look forward to working with my
colleagues in achieving our challenging objectives.
UNAUDITED SUMMARISED GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 December 1998
Notes Continuing Operations
1998 1997
(restated)
#m #m
Turnover
- Continuing Operations 97.72 92.85
- Acquisitions 3.72 -
101.44 92.85
Operating Profit
- Continuing Operations 22.64 20.20
- Acquisitions 0.92 -
23.56 20.20
Net interest and similar income 1.85 1.94
Profit before tax 25.41 22.14
Taxation
- UK (3.96) (4.86)
- Overseas (5.11) (3.25)
Profit after taxation 16.34 14.03
Profit after taxation
- before goodwill amortisation 16.66 14.21
Dividend per ordinary share 10.90p 9.30p
Earnings per share
- basic 18.89p 15.85p
- fully diluted 18.86p 15.82p
Note:
For the year ended 31 December 1998, the board intends to recommend a final
dividend of 7.00p per ordinary share payable on 24 May 1999 on the ordinary
share capital in issue and to the holders on the register at the close of
business on 12 April 1999. This makes a total of 10.90p per ordinary share
compared with 9.30p per ordinary share for the previous year.
The comparative financial information as at 31 December 1997 and for the
periods then ended has been restated in accordance with FRS10 'goodwill and
intangibles' which is effective for the first time in the year ending 31
December 1998. This has resulted in the inclusion of goodwill as an asset in
the balance sheet and an amortisation charge in determining operating
profits.
UNAUDITED SUMMARISED GROUP BALANCE SHEET
as at 31 December 1998
1998 1997
(restated)
#m #m
Fixed assets
- Tangibles 11.4 9.7
- Intangibles 5.3 3.0
16.7 12.7
Current assets
- Stocks 13.4 14.0
- Debtors 27.3 22.4
- Cash 33.0 34.0
73.7 70.4
Creditors and provisions (38.0) (35.2)
Net assets 52.4 47.9
Share capital 5.9 5.9
Reserves 46.5 42.0
Shareholders' funds
- Equity 52.3 46.3
- Non-equity 0.1 1.6
52.4 47.9
Note:
The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 1998 or 1997. The
financial information for 1997 is derived from the statutory accounts for
1997 which have been delivered to the Registrar of Companies. The auditors
have reported on the 1997 accounts; their report was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985.
The statutory accounts for 1998 upon which the company's auditors will be
reporting will be finalised and sent to shareholders on 22 April 1999. These
will be delivered to the Registrar of Companies following the company's
annual general meeting.
END
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