Weir sees second half 'significantly ahead'

3rd Aug 2010 08:00

Engineering group Weir said it expects profit for the second half to be 'significantly ahead' as it reported a 24% jump in order input in the first half.Order input, in constant currency, rose to £863m in the 26 weeks ended 2 July from £694m last time.Pre-tax profit from continuing operations before intangibles amortisation increased by 58% to £144m. Reported pre-tax profit rose 64% to £135.6m.Revenue, in constant currency terms, was 4% higher than the prior year period reflecting a weaker opening order book, offset by increased aftermarket revenues. Reported revenue grew by 9% to £775m (2009: £710m), with a net currency benefit of £34m.Weir will pay an interim dividend of 6.0 pence compared with last year's 4.8 pence.Chief executive Keith Cochrane said: "Our growth plan is well on track across all our divisions and the strong increase in orders demonstrates our robust business model and ability to respond quickly to the changing economic environment.""Strong trading reinforces our confidence for the remainder of 2010 and we continue to expect profit for the second half of 2010 to be significantly ahead of the prior year in constant currency terms."