Last checked at 17 Sep 2015 07:00
17 September 2015
Rotork plc
Trading Update
Rotork p.l.c ("Rotork"), the market leading actuator manufacturer and flow control company, issues the following trading update.
The trading environment in the second half to date has been challenging across most of our key markets and geographies. We have seen an increased number of project deferrals and cancellations, with trading in August particularly weak.
We continue to see an encouraging level of quote activity and a large pipeline of opportunities. However, as we highlighted at the time of the half year results, the timing of order placement and product delivery remains difficult to forecast. A number of orders expected to be placed in the third quarter have been delayed with delivery now anticipated in 2016, impacting the Group's results for the current year.
Rotork operates a lean business model and we have continued to implement our previously-announced cost management initiatives and are on track to achieve the savings indicated at the time of our half year results. However, these savings will not be sufficient to mitigate the profit impact of lower revenues in the year.
Taking all of the above into account and based on current exchange rates, we now expect revenue for the year to be in the range of £530m-£555m with adjusted operating profit in the range of £120m-£130m.
Conference call
Peter France, Chief Executive, and Jonathan Davis, Finance Director, will be hosting a conference call for analysts and investors at 8.00am today to discuss the trading update. To join the call, please dial in to the following number:
UK number: +44 (0)203 139 4830
UK toll free number: 0808 237 0030
Participant PIN: 80119177#
For further information, please contact: |
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Rotork p.l.c. | Tel: 01225 733200 |
Peter France, Chief Executive |
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Jonathan Davis, Finance Director |
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FTI Consulting | Tel: 020 3727 1340 |
Nick Hasell / Susanne Yule |
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