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.
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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.
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