17th Jun 2014 07:04
LONDON (Alliance News) - Engineering firm Weir Group PLC Tuesday said overall trading in April and May was in line with expectations, but it now expects 2014 profit and revenue to be more weighted towards the second half of the year after currency headwinds strengthened over the first half of 2014.
Weir Group, which is holding a capital market presentation Tuesday focusing on its oil and gas division, said its full-year constant currency revenue and margin guidance remains unchanged.
The company, whose bid to takeover Metso Oyj was rejected by the Finnish firm, said its oil and gas division continues to benefit from strengthening pressure-pumping market trends, but mining end markets remain challenging, it said, including the effect of the platinum mine strikes in South Africa.
The platinum sector in South Africa has been crippled by strikes at mines owned by a number of London-listed company including Lonmin PLC and Anglo American Platinum Ltd, as the South Africa's Association of Mineworkers and Construction Union attempts to achieve significantly better wages.
The company also said Tuesday said it has been rated BBB+ (stable) by Standard & Poor's and Baa1 (stable) by Moody's. Weir commissioned the credit ratings to expand its range of financing options.
Weir Group said its capital markets presentation for shareholders and analysts will provide an overview of how the division has "extended its leadership in unconventional surface equipment markets and highlight a growing range of attractive future expansion opportunities".
Weir shares off 0.1% at 2,639.00 pence at the open Tuesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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