25th Apr 2014 07:35
LONDON (Alliance News) - Rotork PLC said Friday order intake fell in its first quarter as the firm faced currency headwinds and a strong 2013 comparative.
The actuator manufacturer and flow control company said orders in the first quarter fell 7.4%, or 2.2% on a constant currency basis, reflecting the very strong comparative period, said the firm.
Revenue for the period January 1 to March 30, rose 2.4%, or 7.4% on a constant currency basis, though the firm notes that the timing of orders and the currency impact mean it expects a greater second-half revenue weighting.
In an interim management statement covering the period from January 1 to April 24, the firm said demand for its products has remained strong, and subsequently retains its expectations for the full-year.
Looking ahead, Rotork said the markets within which it operates remain active, providing growth opportunities. While the noting that currency will "continue to be a headwind," the firm anticipates that the impact will slightly reduce as the year progresses and its comparisons become easier.
Shares in Rotrok were trading 0.59% lower Friday morning at 2.694 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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