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Trading statements

Rotork well placed for progress in 2017

28 April 2017 07:31

Rotork said it remains well placed to make progress in 2017 and management expectations for the FY are unchanged.

"We anticipate that any near-term growth in energy markets will remain modest," the company said in an outlooking statement.

"However, our strategy of expanding our end markets and products organically and through acquisition has resulted in a strong product portfolio, diverse end market exposure and a geographic presence that will generate continued opportunities."

Rotork said revenue was expected to be weighted to H2 as usual, and H1 margins were expected to be lower than those for the comparative period.

"However, we remain well placed to make progress in 2017 and management expectations for the full year are unchanged."

In its Q1, Rotork said group order intake and revenue increased 19.7% and 14.5% respectively, benefiting from favourable exchange rates and the contribution from acquisitions.

Currency contributed 13.7% to order intake and 13.1% to revenue, with acquisitions contributing 3.3% to order intake and 2.7% to revenue.

On an organic constant currency (OCC) basis, order intake increased by 2.7% and revenue was down 1.4%. The order book at 2 April 2017 was £203.3m, 12.5% (12.2% OCC) higher than at 31 December 2016.

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