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LONDON (Alliance News) - Engineer Rotork PLC on Tuesday said it expects its full-year revenue to be at the top end of market consensus thanks to a substantial tailwind from the weak pound.
The valve actuators manufacturer said its underlying performance in the third quarter to the end of September was broadly in line with the first half of the year, with continued sluggishness in oil and gas market activity keeping sales subdued.
Still, revenue in the quarter grew 5.3% excluding acquisitions and at constant currencies. In reported currencies, thanks to the boost from converting overseas earnings into the weak pound, revenue was up 29% year-on-year.
Rotork said it continues to expect margins for 2016 to be lower year-on-year, albeit in line with market expectations, but revenue is set to be at the upper end of market expectations thanks to the currency boost and to orders set to ship in the last months of the year.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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