Interim Management Statement

RNS Number : 7030K

Rotork PLC

23 April 2010

 



23 April 2010

Rotork p.l.c.

Interim Management Statement

Rotork p.l.c., the market leading actuator manufacturer is today publishing its first Interim Management Statement for 2010.

The year has begun well and in line with our expectations.  The order book and current trading levels support our confidence that the company will make progress again this year as we continue to see increased activity in many of our end user markets and geographies.

Order intake has picked up in the first quarter, albeit marginally down on the record order intake achieved in the first quarter of 2009. Shipments in the quarter are as expected, down 8% on the record levels set last year when the order book had been at an all time high.  The order book at the end of March stood at £130m which was slightly higher than the year-end position but 10% down on the same period last year. 

The competitive environment remains challenging and we are experiencing increased pricing pressure however we anticipate that this will soften as activity levels continue to increase. We remain the actuator supplier of choice for many of our customers and this, together with our lean business model, strong balance sheet and international coverage, positions us well to take advantage of an upturn in the market and achieve our growth targets.  Cash balances at the end of March were £84m.

There have been no material events or transactions affecting the Group in the period.     

For further information, please contact:

Rotork p.l.c.                                                                                       Tel: [phone]

Peter France, Chief Executive

Jonathan Davis, Finance Director

Financial Dynamics                                                                         Tel: [phone]

Jon Simmons / Sophie Kernon

 

END

 

 

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