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"Whilst recognising the challenging economic environment, our record order book and diverse end market exposure provide the board with confidence of achieving further progress in the full year. We are anticipating, as in previous years, that the group's performance in 2012 will be weighted towards the second half and that margins will remain similar to those seen in 2011," revealed Peter France, Chief Executive of Rotork. Net cash balances of £56m at the end of June were £8m higher than December 2011, with the payment of the £20m final dividend the most significant outflow. Rotork's capital expenditure is first half weighted this year with £8m spent so far. Net working capital has increased £2m since last December and represents 25% of annualised revenue compared with 27% at the year end. The interim dividend has been bumped up to 16.4p from 14.5p at the halfway stage in 2011.
Valve engineering group Rotork saw record half-year revenue and profit in each of its divisions, while order intake also hit new highs despite a slow-down in orders from India and China. Boosted by recent acquisitions, revenue in the first half of the year rose 23.3%, or 17.1% on an organic constant currency (OCC) basis, to £245.9m from £199.4m in the first half of last year. Last year's acquisitions weighed in with £16m of incremental revenue in the reporting period. Profit before tax rose 17.2% (OCC:16.9%) to £58.1m from £49.6m the year before, after taking into account amortisation of acquired intangible assets. Adjusted profit before tax rose 21.9% (OCC:16.2%) to £61.7m from £50.7m last year. Adjusted operating profit on an OCC basis saw the following increases on a division-by-division basis: Controls +8.2%; Fluid Systems +91.3%; Gears +18.6%. The newly created Instruments division performed in line with expectations, notching up operating profits of £2.7m. The order book at the end of June stood at a record high of £177.7m, up 13.0% from December. Order intake was 18.2% higher than in the first half of 2011, with the strongest growth in the Gears division. The visibility of projects in the second half is good and the group expects its markets in the Middle East, South America, USA and Russia to remain active.
Outlook Whilst recognising the challenging economic environment, our record order book and diverse end market exposure provide the Board with confidence of achieving further progress in the full year. We are anticipating as in previous years that the Group's performance in 2012 will be weighted towards the second half and that margins will remain similar to those seen in 2011.
Peter France, Chief Executive, commenting on the results, said: "Rotork has continued to perform well during these challenging economic conditions. Order intake, revenue and profit are at record levels. We continue to invest in our infrastructure, product development and sales coverage to support the longer term growth projections of the business and our continued expansion into the wider flow control market. Whilst recognising the challenging economic environment, our record order book and diverse end market exposure provide the Board with confidence of achieving further progress in the full year. We are anticipating, as in previous years, that the Group's performance in 2012 will be weighted towards the second half and that margins will remain similar to those seen in 2011."
Key Points · Record first-half revenue and profit in each division · Order intake up 18.2% · Order book at a record high of £177.7m, up 13.0% from December · Successful integration of 2011 acquisitions · New product launches in each division, including IQ3 in Controls · Continued investment for growth · Interim dividend increased by 13.1%
http://www.investegate.co.uk/Article.aspx?id=201207310700088324I
Panmure Gordon upgrades Rotork from hold to buy, target price unchanged at 2150p Source: http://www.stockmarketwire.com/article/4393144/FLASH-Panmure-Gordon-upgrades-Rotork-from-hold-to-buy-target-price-unchanged-at-2150p.html P.S. Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089
High flying Rotork* (LSE:ROR), the manufacturer of valve actuators and control systems and valve gearboxes, reported the usual set of outstanding results with pre-tax profit for the year ending 31st Dec 2011 £112.55m compared with £97.86m for the prior period. Order intake was up 20.9% with the year end order book of £157m. The Group’s wonderful cash flow supported six acquisitions in the year yet still left net cash of £48.5m at year end. The valuation at 19x 2012 estimates and 18x for 2013 looks very rich but ROR has consistently delivered over the long term and benefits from strong support. With end markets (oil & gas is 53% of top line) in great shape who’s to say that won’t continue. With the order book offering only limited visibility (£157m vs full year projections of c£500m) the situation could change quite rapidly – although it hasn’t in living memory!
Stocks to watch Last year was a record breaking year on many fronts for Rotork with the valve engineering group setting new highs for revenue, profit and order intake in each of its divisions. Revenue in 2011 rose 17.7%, or 15.9% on an organic constant currency basis, to £447.8m from £380.6m in 2010, ahead of market expectations of turnover of £441.7m.
Peter France, Chief Executive, commenting on the results, said: "I am pleased to report another successful year, with each division achieving record results in terms of order intake, revenue and profit. Rotork is well positioned in growth markets and the execution of our long-term strategy of expanding into the wider flow control market will provide further opportunities for growth. This year will see the introduction of several new products and we will also continue to look for suitable acquisition targets. We continue to invest in our infrastructure, product development and sales coverage to support the growth projections of the business. Whilst mindful of the uncertain economic environment, the indications we are receiving from our customers are positive. The markets that we serve, combined with our extensive product portfolio, international presence and end-market exposure, provide the Board with confidence of achieving further progress in the coming year."
Key Points · Record revenue, profit and order intake in each division · Order intake up 20.9% (18.1% organic constant currency) · Year end order book of £157m, up 13.2% · Completion of six acquisitions in the year, including Fairchild · New Rotork Instruments division to address wider flow control market · Final dividend increased by 15.2%
http://www.investegate.co.uk/Article.aspx?id=201202280700162123Y
Commenting on the acquisition, Rotork Chief Executive Peter France, said: "The acquisition of Prokits, for which Craig Mellins has established a good reputation in the market over the last decade, will increase the customer base and scale of our Rotork Valvekits valve adaption and accessory products business."
Acquisition Rotork p.l.c, ("Rotork"), the market leading actuator manufacturer and flow control company announces that it has acquired all the share capital of Prokits Limited ("Prokits"). Prokits, based in Mansfield, Nottinghamshire, UK, is a designer and manufacturer of valve adaptor kits and accessories for the valve industry. Gross assets of Prokits are £0.6 million. The sole owner of Prokits, Craig Mellins, has been appointed as General Manager of Rotork Valvekits into which the Prokits business will be merged.
http://www.investegate.co.uk/Article.aspx?id=201112010700130962T
Goldman Sachs upgrades Rotork from buy to conviction buy, target price cut from 2300p to 2250p.
CreditSuisse upgrades Rotork from neutral to outperform - target price raised from 1600p to 1785p.
Goldman Sachs upgrades Rotork from neutral to buy, target price raised from 2200p to 2300p
Barclays upgrades Rotork from equal weight to overweight - target price 1815p to 2150p
Obviously a good set of results and much better than had been expected. The strong order backlog figures give excellent visibility for future performance, the key for me will be whether they can leverage the good backlog and revenue performance by showing some improved margins - this has been difficult to date because of raw material price pressure and currency movements.
Rotork (ROR) achieved record revenues in the first half of its financial year of 199.4 million pounds, up 8.7% year-on-year, with adjusted pre-tax profits of 50.7 million pounds, up 4.9%. The actuator and gear box manufacturer has also increased its order book to 170 million pounds, up 22.4% from December 2010, which broker Brewin Dolphin notes is 5% higher than the prior record order book in December 2008. The group has continued to expand, buying RSCM in Mexico and VVA in Norway, adding to to its acquisition of Centorkin Spain in July. The shares rose 127p to 1,695p.
Peter France, Chief Executive, commenting on the results, said: "Strong order intake during the first six months, a record order book and ongoing activity levels in our end markets mean that we expect to achieve full year revenue materially ahead of our prior expectations. Margins for 2011 are expected to be at similar levels to those seen in 2010."
Key Points · Achieved record revenue in the period · Order intake up 22.5%; record levels within each division · Order book at a record high of £170m, up 22.4% from December · Expansion of global presence with acquisition of VVA in Norway and Rotork Servo Controls in Mexico · Broadening of product portfolio with post-period end acquisition of K-Tork in the US and Centork in Spain · Dividend increased by 13.7% plus a second additional dividend declared
http://www.investegate.co.uk/Article.aspx?id=201108020700085191L
Rotork (ROR) has bought, in cash, US based K-Tork for 10.6 million dollars (6.5 million pounds) and Centork Vale Control, in Spain, for 3.6 million euros (3.2 million pounds). The specialist engineering company will incorporate K-Tork into its Fluid Systems division to strengthen its market share in the water, industrial and power sectors. Centork will complement Rotork's Controls division, providing new products for use in oil and gas markets