Weir Group H1 revenues grow amid record aftermarket orders

28th Jul 2022 09:28

(Sharecast News) - Engineering company Weir Group said on Thursday that revenues had grown in the six months ended 30 June on the back of record aftermarket orders and strong execution.

Weir reported orders from continuing operations of £1.28bn, up 14% year-on-year, while revenue from continuing operations shot up 18% to £1.09bn.

Total group statutory post-tax profits slipped 49% to £92.0m, while statutory earnings per share also fell 49% to 35.6p. Net debt widened £188.0m to £961.0m.

The FTSE 250-listed group, which declared an interim dividend of 13.5p per share, also said it continues to expect "strong growth" full-year growth in constant currency revenue and profits, with operating profits expected to be at the upper end of the range of current analysts' expectations.

Weir also said it had seen "strong demand" for aftermarket spares for its core Warman centrifugal pump range, with year-on-year growth of over 20%, as miners maximised equipment utilisation.

Chief executive Jon Stanton said: "Momentum continued to build through the first half as we won record orders, executed strongly, and made meaningful progress in delivering our technology and sustainability roadmaps which underpin our growth and long-term strategy.

"We enter the second half of the year with a strong order book and are managing through a complex operating environment successfully. As a result, we continue to expect to deliver strong growth in constant currency revenue and profit this year."

As of 1005 BST, Weir shares were up 6.39% at 1,582.50p.

Reporting by Iain Gilbert at Sharecast.com