Rotork PLC
23 May 2002
23rd may 2002
Rotork plc
AGM Statement 2002
After the strong start to the year order input in March and April was slower
than anticipated at the time of writing my statement in the Annual Report and
Accounts. There has been, in some markets, evidence of projects being delayed
or taking longer to develop than normal. Having said that, the majority of
territories are still reporting good levels of project activity and are
anticipating reasonable business levels over the next few months. Despite the
recent input levels, the order book at the end of April was 9% up on the 2001
year end figure after excluding Jordan which was acquired in January 2002.
The improved performance of Rotork Fluid System in 2001 which was noted in the
preliminary statement has been built upon in the period since then. Order
intake is ahead of budget and operating performance well up on last year.
Conversely the Gears business continues to be negatively impacted by various
factors.
The breadth and range of the company's valve actuation products continue to
develop. New Fluid System products are to be launched in the next few months
and development work on the major electric actuator projects, the IQT and
Mayflower, is on track. A new manufacturing facility in Malaysia has been
leased and will commence operations at the end of the current year. Whilst
Jordan Controls are continuing to find their domestic US market difficult, good
progress has been made in developing their marketing strategies in Europe and
elsewhere around the world.
Bill Whiteley
23 May 2002
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.