Last checked at 24 Apr 2009 12:00
24 April 2009
Rotork p.l.c.
Interim Management Statement
Rotork p.l.c, the market leading actuator manufacturer, is today publishing its Interim Management Statement for the period up to 31 March 2009.
2008 was an excellent year for Rotork and 2009 has begun well. Current trading levels and a continued strong order book, together with the positive currency environment, underpin our confidence in making further good progress this year.
At £144m, the group order book is currently 16% higher than at the same point last year. While the year end order book stood at a record £162m, this had been flattered by a particularly strong euro/sterling exchange rate of 1.03 and the euro has since retreated from this level. In addition, Rotork has achieved a record level of shipments in the first quarter.
In sterling terms, Group order intake is 6.9% up on the same period last year. In Rotork Controls, the electric actuator division, the total unit input is down 8.9%, however, the value of those orders has increased by 15.4% due to the product mix and the positive currency environment. In Rotork Fluid Systems, unit input is up by an encouraging 42.6% but as a result of product mix the value is 13.8% lower. The value of orders received by Rotork Gears is up by 10.2% on the same period last year.
On an ongoing basis, we continue to review the internal and external information available to us, which gives an indication of both market and project activity. The number of active projects on our internal tracking system has increased by 10.6% from the year end 2008 and we have seen a 33% increase in the number of quotations Q1 2008 v Q1 2009.
As indicated at the preliminary announcement, we are not immune to the wider economic down-turn and we are seeing, in a number of cases, projects being deferred. It is currently more difficult to predict project timing with as much certainty. We have yet to see investment coming through from the various anticipated economic stimulus packages from which we would expect to benefit.
The group continues to operate a lean business model and maintains a strong balance sheet that supports our current trading and positions us to take advantage of future opportunities. Cash balances at end of March were £52m.
There have been no material events or transactions affecting the group in the period.
For further information, please contact:
| Rotork p.l.c. | Tel: 01225 733200 |
| Peter France, Chief Executive | |
| Bob Slater, Finance Director | |
| Financial Dynamics | Tel: 020 7831 3113 |
| Jon Simmons/Sophie Kernon |