Rotork confident for 2011

21st Apr 2011 07:20

Bath-based engineering company Rotork said it has started the year well and its record order intake and current activity levels makes it confident in making further progress in 2011. The company, which makes valves for the oil and gas, power and water industries, said its order intake in the first quarter reached a record of £108m, 18% ahead of the prior year.Rotork expects a stronger second half performance than the first half as it delivers on various projects. The group's order book has risen to £153m, 10% higher than the year end and 18% ahead of the same point last year. The group expects first half results will show margins slightly lower than the prior year, as it continues to grow the business and absorbs higher raw material costs.In Japan Rotork said the market has already started to return as it supports its customers in repairing and replacing damaged equipment. ---CJ