Last checked at 13 Nov 2008 07:00
November 13th 2008
Rotork p.l.c.
Interim Management Statement
Rotork p.l.c., the specialist engineer, today issues its Interim Management Statement covering the period from 1st July to 13th November 2008.
Our end markets continue to be robust and order intake has been strong. The order book at the end of October reached a new record high.
We have seen raw material cost increases across many areas of the business during the period, although in the last month there has been some reversal of this trend. Some of these increases are currency related, and may affect material costs in the final quarter of 2008. Rotork has a continuous cost reduction programme which includes design review and vendor partnership programmes, that has been in place for several years.
The strengthening of our two major trading currencies, the Euro and the US Dollar, through the current year, is continuing to be of benefit overall. The US Dollar has strengthened appreciably in the last few months, while the Euro has retained its gains against Sterling from earlier in the year. Around 30% of our income streams are in US Dollars and around 30% in Euros.
The group continues to maintain a strong balance sheet.
There have been no material events or transactions affecting the group in the period.
Outlook
Based on the strong sales revenue in the year to date, the strength of our order book, the level of project activity being seen in all our geographic locations and the positive currency environment, we are confident of achieving profits in excess of current market expectations for the full year 2008.
For further information, please contact:
| Rotork p.l.c. | |
| Peter France, Chief Executive | Tel: 01225 733 214 |
| Bob Slater, Finance Director | Tel: 01225 733 224 Mob: 07836 215 815 |
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| Financial Dynamics | Tel: 020 7269 7291 |
| Jon Simmons / Sophie Kernon |