Rotork PLC Trading update (8022S)
18 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMROR
RNS Number : 8022S
Rotork PLC
18 November 2021
Rotork Plc
Trading update
Order intake growth in-line with expectations, near-term
deliveries delayed by supply chain constraints
18 November 2021
Rotork plc ("Rotork"), the global flow control and
instrumentation group, today issues the following trading update
covering the four-month period to 31 October 2021.
Trading update
Order intake in the four-month period was up a high single digit
percentage year-on-year on an OCC(1) basis with each division's
orders ahead. During the period we saw a pick-up in project and
environmental related activity. The majority of Rotork's activity
continues to be driven by customers' operational rather than
capital expenditure and they continue to spend on automation and
electrification projects as well as maintenance and
refurbishment.
In the last few months component sourcing has become even more
challenging and deliveries of materials sourced from Asia Pacific
regularly delayed, sometimes with little notice. Most affected have
been chipsets and electronics, critical components of our market
leading electric actuators. The result has been closures of
production lines that have in some cases lasted several weeks.
Consequently, revenues in the four months were down year-on-year on
an OCC basis. Adjusted operating profit margins in the period
benefited from continued execution of the Growth Acceleration
Programme and our focus on managing materials inflation, but the
benefits compared to the prior year period were more than offset by
the impact of the significantly reduced volumes, operational
inefficiencies and increased logistics costs.
Our work to develop a net-zero emissions roadmap continues and
we will update on progress at our full-year results. S&P Global
recently ranked Rotork in the top quintile globally in the
Machinery and Electrical Equipment industry in its highly regarded
Corporate Sustainability Assessment. We note the successful signing
of the Global Methane Pledge by more than 100 countries at COP26
and anticipate our work with customers to reduce their methane
emissions accelerating in 2022.
Rotork remains highly cash generative with a strong balance
sheet. Net cash at 31 October 2021 was GBP103.2m (GBP178.1m at 31
December 2020). During the period we paid an interim dividend of
GBP20.5m (on 24 September 2021) and returned GBP44.2m to
shareholders through our GBP50.0m share buyback programme which was
completed on 9 November 2021.
Outlook
The growth in order intake seen in the second quarter has
continued over the summer and through October, in-line with our
expectations. However, we anticipate the supply chain disruption
currently being experienced will continue at least in the near
term. As a result, we expect second half revenue to be similar to
the first half with adjusted operating margins slightly ahead of
the first half. We anticipate entering 2022 with a record year end
order book.
Rotork will publish 2021 full-year results on Tuesday 1 March
2022.
(1) OCC is organic constant currency results excluding acquired
and discontinued businesses and restated at 2020 exchange rates
This announcement includes inside information. The person
responsible for arranging the release of it on behalf of Rotork plc
is Stuart Pain, Group General Counsel & Company Secretary.
Enquiries:
Rotork plc Tel: +44 (0)1225 733 200
Kevin Hostetler, Chief Executive
Jonathan Davis, Finance Director
Andrew Carter, Investor Relations Director
FTI Consulting Tel: + 44 (0)20 3727 1340
Nick Hasell / Susanne Yule
Legal Entity Identifier: 213800AH5RZIHGWRJ718
About Rotork
Rotork is a market-leading global provider of mission-critical
flow control and instrumentation solutions for oil & gas, water
and wastewater, power, chemical process and industrial
applications. We help customers around the world to improve
efficiency, reduce emissions, minimise their environmental impact
and assure safety. Rotork employs about 3,400 people, has
manufacturing facilities in more than 15 locations and serves 173
countries through a global service network. Its shares have a
premium listing on the London Stock Exchange (symbol: ROR) and are
a constituent of the FTSE 250 index. For more information please
visit www.rotork.com .
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