14th Nov 2014 07:44
LONDON (Alliance News) - Rotork PLC said on Friday its revenue for the third quarter fell on the back of the timing of deliveries, but said order intake rose and reiterated its expectation for revenue to be weighted to the fourth quarter.
Revenue in the third quarter was down 1% year-on-year in the quarter to October 26, the FTSE 250 listed manufacturing company said, owing to the timing of deliveries. It said its year-to-date revenue is up 0.1% and said it expects revenue for the full year to be weighted to the fourth quarter.
Order intake in the third quarter rose 4.3% and is up 3.2% in the year to date, Rotork said. Its order took at October 26 was GBP213.2 million.
The company said order intake increased in its Controls, Gears and Instruments units, but dropped in its Fluid Systems division as the group was hit by the sanctions imposed on Russia over its conduct related to the turmoil in Ukraine.
The company said it expects to make further progress in the full year, with margins likely to be similar to those seen in 2013.
By Sam Unsted; [email protected]; @SamUAtAlliance
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