1st Mar 2016 07:54
LONDON (Alliance News) - Rotork PLC on Tuesday expressed confidence in its medium-term outlook and its cost-cutting measures, as it delivered an expected fall in pretax profit and revenue for 2015, hit by its exposure to the struggling oil and gas industry.
The actuators manufacturer said its pretax profit for the year to the end of December fell 28% to GBP101.9 million from GBP141.2 million in 2014, while revenue dropped to GBP546.5 million from GBP157.2 million, a 21% fall.
Rotork said the results were in line with the guidance provided in its trading updates in September and November and said orders from the oil market have remained weak. The group is seeking to cut costs and said the actions taken so far will deliver higher-than-anticipated annual savings.
Rotork will pay a final dividend of 3.1 pence per share, taking its total dividend to 5.05p, a 0.8% rise on the 5.01p paid a year earlier.
"The challenging market conditions that we saw in the first half of the year continued for the remainder of 2015, with many of our key markets and geographies impacted by the weakness of the oil price, political instability and the slowdown in China," said Peter France, Rotork's chief executive.
"By continuing to implement our strategy for growth and targeted investment we will ensure that Rotork is well placed to make further progress over the medium to long term," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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