- Flow control and instrumentation group Rotork said it expected its first-half revenue to slip by around 11-13%, assuming there were no additional Covid-19-related disruptions.

Adjusted operating profits would be lower, the company said, though it added that margins would be 'relatively resilient'.

Order intake for the six months through June would be around 16-18% lower than the previous year's £362m on an ongoing, constant currency basis.

Rotork said it was in the process of accelerating some restructuring actions, estimated to cost about £2m in the first half.

It had also deferred the commencement of some parts of its IT upgrade, reducing planned capital expenditure for this year by a similar amount.

'Due to the unprecedented level of uncertainty, on 31 March we withdrew our forward guidance for the current year,' the company said.

'Whilst the near-term outlook has become a little clearer, there remains considerable uncertainty, hence we retain this position.'

'We are confident however that we will successfully navigate the current challenges and will be a stronger business going forward.'

Story provided by