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Rotork's first-quarter orders fall
April 25, 2014 / 6:52 AM / in 4 years

Rotork's first-quarter orders fall

April 25 (Reuters) - Valve-control systems maker Rotork Plc reported a 7.3 percent fall in first-quarter orders compared with a year earlier, when its order book was strong.

However, the company - which makes valve controls and actuators for oil and gas, water, power and nuclear plants - said it expected revenue to be weighted to the second half of the year, when it sees a lower impact from currency fluctuations.

“Currency will continue to be a headwind, although we anticipate that the impact will slightly reduce as the year progresses and comparisons become easier”, the company said in a statement.

Orders at the company’s controls business - which makes electric valve actuators - fell 4.9 percent in the quarter ended March 30. However, on a constant currency basis, orders were up 3.1 percent.

The FTSE-250 component’s shares closed at 2710 pence on Thursday on the London Stock Exchange. ($1 = 0.5953 British Pounds) (Reporting by Tasim Zahid in Bangalore; Editing by Gopakumar Warrier)

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