Rotork reports record Q1 order intake

Actuator manufacturer and flow control company Rotork has reported record order intake in the first quarter, but warned revenue growth of five per cent in the first quarter has been negatively affected by the weighting of orders scheduled for delivery in the second quarter.

Actuator manufacturer and flow control company Rotork has reported record order intake in the first quarter, but warned revenue growth of five per cent in the first quarter has been negatively affected by the weighting of orders scheduled for delivery in the second quarter.

Order intake in the three month period to March 31st soared to £150m, 14.3% ahead of the prior year, but because of the weighting of orders the company's expectations for the half year remain unchanged.

The order book currently stands at a record £218m, 20% higher than at the year end, while the net cash balance at the period end totalled £35m.

Divisionally, Rotork Contols saw a 7.4% year-on-year increase in first quarter order intake, but warned both the Indian power market and Europe have remained subdued. However, other markets have performed well and project visibility supports the company's belief that activitiy levels should increase as the year progresses.

In Fluid Systems order intake leapt 26.9% on the same period last year, with the most activity seen in the US, Latin America, Australia and the Middle East.

Order intake was broadly flat against a strong comparative period in 2012 in the Gears division, but the firm said its continues to win new customers and expects this to result in a step up in order activity in the coming months.

Finally, Instruments saw order intake rocket 46.1%, driven by the acquisition of Soldo, the integration of which is proceeding to plan.

Looking ahead the company said: "The group is well positioned to benefit from the continued investment we are seeing in the markets that we serve. Based on our record order book, current activity levels and diverse end market exposure, the board remains confident of achieving further progress in the full year."

The share price rose 2.48% to 2,767p by 08:25 on Friday.

NR

Recommended

Share tips of the week – 9 December
Share tips

Share tips of the week – 9 December

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
9 Dec 2022
The top funds to invest in now
Funds

The top funds to invest in now

As market volatility continues, here are the top funds, stocks and investment trusts investors are putting their money into, according to one investme…
2 Dec 2022
7 sin stocks to buy yielding up to 8%!
Share tips

7 sin stocks to buy yielding up to 8%!

Sin stocks don’t have the best reputation, but when it comes to investment returns, they’re certainly worth a closer look.
2 Dec 2022
Share tips of the week – 2 December
Share tips

Share tips of the week – 2 December

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
2 Dec 2022

Most Popular

Is it cheaper to leave the heating on low all day?
Personal finance

Is it cheaper to leave the heating on low all day?

The weather is getting colder and energy bills are rising, but is it really cheaper to leave the heating on low all day or should you only turn it on …
1 Dec 2022
Radiator vs electric heater – which is cheaper?
Personal finance

Radiator vs electric heater – which is cheaper?

We compare the costs, pros and cons of radiators and electric heaters and see which one will help keep your energy bill as low as possible.
28 Nov 2022
The pros and cons of smart meters – should you switch?
Personal finance

The pros and cons of smart meters – should you switch?

A smart meter can help you keep tabs on your energy usage, but is it better than a regular meter? We take a look at smart meters vs regular meters.
2 Dec 2022