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Rotork on track despite slowdown in order intake

Published: 07:50 22 Nov 2018 GMT

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Oil and gas is among the stronger units for the pumps and valves group

Rotork PLC (LON:ROR) said it continues to expect to deliver a robust financial performance in 2018 despite a fall in its order intake in the third quarter.

The engineering group said on Wednesday its third-quarter order intake fell by 4% year-on-year, reflecting the variation in the timing of project orders and deliveries compared with 2017.

READ: Rotork interims boosted by deal wins

The actuator manufacturer and flow control company said revenue increased by 8.4% during the period. The order book at 28 October 2018 was £204.1m, 6.0% higher than at 31 December 2017.

The company said its third half performance showed an improvement in overall levels of activity, particularly in downstream, led by the delivery of further phases of some large projects in the Far East.

The company, however, added that upstream was lower than the comparative period as was the power market. Industrial process markets continued their strong performance from the first half, while midstream and water showed modest growth in the quarter compared with the slight decline in the first half.

"Based on our performance to the end of October and anticipated shipments in the remaining two months of the year, we continue to anticipate a robust financial performance in 2018 and management expectations for the full year remain unchanged,” CEO Kevin Hostetler said in a statement.

“I am pleased with the progress we have made across all four pillars of our growth acceleration programme, where we have moved from consultation and analysis to implementation and execution."
 

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