Weir Q1 orders rise on stronger mining project activity, CEO to stand down

(Sharecast News) - Engineering firm Weir said on Thursday that first‑quarter order growth had been supported by rising investment in brownfield and greenfield mining projects as supply deficits in key metals emerged, but traded lower as it announced the exit of long-time chief executive Jon Stanton. Weir said group original‑equipment orders rose 1%, with management noting stronger underlying demand masked by order‑phasing effects, while aftermarket orders increased 4%, boosted by continued strength in minerals and ESCO and a 7% contribution from recent acquisitions. Total group orders were up 4% year‑on‑year on a constant‑currency basis, with a book‑to‑bill ratio of 1.14.

The FTSE 100-listed firm also highlighted that it had begun to realise benefits from capacity‑optimisation work completed in 2025, taking cumulative savings under its Performance Excellence programme to £66m.

Looking ahead, Weir said cash generation was in line with expectations and reiterated its full-year guidance for constant‑currency growth in revenue, operating profits and margins, with cash conversion of 90-100% and a second‑half weighting.

Separately, Weir announced that, following ten years in the role and 16 years with the group, Jon Stanton will step down as chief executive on 1 August and will be succeeded by Andrew Neilson, who joined the firm in 2010 and currently serves as president of its minerals division.

AJ Bell's Russ Mould said: "Mining services business Weir slumped as long-serving CEO Jon Stanton announced plans to stand down. Stanton has helped to significantly reshape the business and the investor reaction implies some trepidation about Weir's prospects under new leadership despite resilient trading."

As of 1205 BST, Weir shares were down 6.08% to 2,596p.

Reporting by Iain Gilbert at Sharecast.com

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