Business
Half-year Report
Half-year Report.
About this update from Rotork Plc
[{"type":"text","content":"\n \nRNS Number : 9088F Rotork PLC 02 August 2016 \n\n \n \n \n2 August 2016\n \nRotork plc\n2016 Half Year Results\n \n\n\n\n\n \n\n\nHY 2016\n\n\nHY 2015\n\n\n% change\n\n\nOCC 2 %\nchange\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n£263.9m\n\n\n£274.2m\n\n\n-3.7%\n\n\n-15.3%\n\n\n\n\nAdjusted1 operating profit\n\n\n£50.7m\n\n\n£65.0m\n\n\n-22.0%\n\n\n-32.5%\n\n\n\n\nAdjusted1 operating margin\n\n\n19.2%\n\n\n23.7%\n\n\n-450bps\n\n\n-480bps\n\n\n\n\nProfit before tax\n\n\n£38.3m\n\n\n£56.3m\n\n\n-31.9%\n\n\n-35.6%\n\n\n\n\nAdjusted1 profit before tax\n\n\n£50.1m\n\n\n£64.1m\n\n\n-21.8%\n\n\n-32.4%\n\n\n\n\nBasic earnings per share\n\n\n3.25p\n\n\n4.77p\n\n\n-32.0%\n\n\n-35.7%\n\n\n\n\nAdjusted1 basic earnings per share\n\n\n4.25p\n\n\n5.44p\n\n\n-21.9%\n\n\n-32.5%\n\n\n\n\nInterim dividend\n\n\n1.95p\n\n\n1.95p\n\n\n \n\n\n\n\n1 Adjusted figures are before the amortisation of acquired intangible assets\n2 OCC is organic constant currency which has all the acquisitions removed and are restated at 2015 exchange rates.\n \nSummary\n· Order intake increased 2.0% (OCC: -10.2%) against a strong comparative period. \n· Order book increased 22.2% (OCC: 9.0%) from December 2015, and 15.4% (OCC: -3.1%) compared with June 2015. \n· Revenue was 3.7% lower (OCC: -15.3%) than prior year, reflecting the slowdown in oil & gas markets and challenging conditions in key end markets.\n· Adjusted operating margin impacted by lower volumes, particularly in Fluid Systems, and the dilutive effect of acquisitions in Gears and Instruments.\n· Cost management programme on track to deliver targeted savings from both 2015 and 2016 initiatives.\n· Acquisition of Mastergear, expanding product portfolio in Gears.\n· Strong on-going cash generation, 131.5% cash conversion.\n· Strong balance sheet, interim dividend maintained at 1.95p.\n \nPeter France, Chief Executive, commenting on the results, said: \"The trading environment in the first half of the year remained challenging, with the low oil price continuing to delay project activity and geopolitical tensio...