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296.60 1.20 (0.41%)

Bid:

295.80

Ask:

297.00

Spread: 1.20 (0.406%)

Market Cap: £2.41b

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Rotork's first-quarter orders fall

Fri, 25th Apr 2014 06:49

April 25 (Reuters) - Valve-control systems maker Rotork Plc reported a 7.3 percent fall in first-quarter orderscompared with a year earlier, when its order book was strong.

However, the company - which makes valve controls andactuators for oil and gas, water, power and nuclear plants -said it expected revenue to be weighted to the second half ofthe year, when it sees a lower impact from currencyfluctuations.

"Currency will continue to be a headwind, although weanticipate that the impact will slightly reduce as the yearprogresses and comparisons become easier", the company said in astatement.

Orders at the company's controls business - which makeselectric valve actuators - fell 4.9 percent in the quarter endedMarch 30. However, on a constant currency basis, orders were up3.1 percent.

The FTSE-250 component's shares closed at 2710 pence onThursday on the London Stock Exchange. ($1 = 0.5953 British Pounds) (Reporting by Tasim Zahid in Bangalore; Editing by GopakumarWarrier)