Rotork reports rise in third quarter revenue

15th Nov 2013 07:34

British manufacturing company Rotork said revenue in the third quarter was 13 per cent higher than year ago, driven by a higher order intake.Order intake in the period from July 1st to November 14th was broadly in line with the prior year but cumulative order intake was up 6.9%. Based on project activity, order intake in the fourth quarter of 2013 is anticipated to be higher than in the same period of 2012.The order book at October 27th was £204.8m, up 7.3% on the year.Orders in the Instruments division was up 63.1% while the Controls and Fluid Systems divisions achieved a rise in orders of 1.7% and 13.3% respectively. The Gears division was broadly similar to the prior year. The group maintained a strong balance sheet with a high return on capital. Net cash balances at October 27th were £33.3m."With its broad product portfolio and diverse end market exposure, the group continues to build market share and benefit from the increased investment in its markets," Rotork said. "Based on the strong performance year to date the board continues to expect to make further progress in the full year with margins at similar levels to the prior year."RD