17th Sep 2015 06:24
LONDON (Alliance News) - Actuator and flow control products manufacturer Rotork PLC on Thursday said project delays and cancellations are set to push its revenue lower for the full year 2015 and will leave its adjusted operating profit falling short of its 2014 numbers.
The FTSE 250-listed company, which has been hit hard in recent months due to its exposure to the struggling oil and gas industry, said that while it has seen an encouraging amount of quote activity and though it has a strong pipeline in place, the timing of orders and product deliveries remains tough to forecast.
A number of orders the group had expected to book in the third quarter have been delayed and are now anticipated to be made in 2016, hitting its results for the full year.
Rotork now expects its revenue for 2015 to be between GBP530.0 million and GBP555.0 million, down from GBP594.7 million in 2014, while its adjusted operating profit will be GBP120.0 million to GBP130.0 million, down from GBP157.2 million.
Rotork said it has a "lean business model" and said it has been working to cut costs across the business to mitigate the problems in its markets, but this will not be sufficient to offset the hit the delays and cancellations will have on its results.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Rotork