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Weir Group delivers 'strong' H1 performance
(Sharecast News) - Multinational engineering company Weir Group said on Thursday that it had delivered a "strong" H1 performance, with both revenue and profits improving. Weir said adjusted operating profits were up 17% to £237m, while margins climbed 220bps to 19.8%, driven by strong aftermarket demand and operational efficiency.
Orders rose 8% to £1.3bn, underpinned by brownfield momentum and a £40m tailings contract in Chile, with minerals growing 10%, while ESCO saw a 4% uptick, bolstered by Micromine's £12m contribution following its April acquisition.
Revenues were up 4% at £1.2bn on a constant currency basis, despite FX headwinds, while free operating cash conversion stood at 62%, with expectations to hit 90-100% by year-end.
Weir upgraded FY margin guidance to around 20%, citing continued strength in mining markets and progress on its Performance Excellence programme.
The FTSE 100-listed group also declared an interim dividend of 19.6p per share, up 9% year-on-year.
CEO Jon Stanton said: "Our strong performance in the first half of this year demonstrates our leadership in mining technology and the unique capabilities of our business model.
"Our businesses are focused, and with a continuous improvement mindset, driving excellent operational execution and mitigating any impacts of US tariffs."
Reporting by Iain Gilbert at Sharecast.com
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