Rotork maintains outlook despite FX and falling order intake

25th Apr 2014 08:22

Manufacturing group Rotork said that full-year forecasts remain unchanged despite currency headwinds and lower orders in the first quarter.The company, which makes electric, pneumatic and hydraulic valve actuators and gearboxes, said that revenues reached a record level in the first quarter and were 2.4% higher than the prior period.However, the timing of orders and foreign exchange movements mean that the company is likely to experience a greater second-half weighting."Currency will continue to be a headwind although we anticipate that the impact will slightly reduce as the year progresses and comparisons become easier," Rotork said.Order intake was down 7.3% at £140m during the quarter, which Rotork attributed to a very strong comparative period the year before. Nevertheless, the order book stood at £191m by the end of the period, up 1.7% since the start of the financial year.Three out of the company's four main divisions experienced declines in order intake during the first quarter.The stock was 0.6% lower at 2,694p by 08:30 on Friday.BC