29th Jul 2026 09:50
(Alliance News) - Weir Group PLC on Wednesday said demand remains "very positive", and momentum strong, as it reported higher half-year sales and profit.
The Glasgow, Scotland-based company provides engineering services for mining and infrastructure.
Pretax profit rose 6.7% to GBP175 million in the six months ended June 30 from GBP164 million a year prior.
Adjusted operating profit edged up to GBP239 million from GBP237 million, exactly in line with company-compiled market consensus. Adjusted operating profit margin of 18.8% was down from 19.8% a year ago, and just shy of 18.9% consensus.
Revenue grew 5.8% to GBP1.27 billion from GBP1.20 billion, compared with GBP1.26 billion consensus, with contributions from acquisitions partially offset by timing of production transfers.
"The overall demand backdrop remains very positive despite some isolated softer spots driven by ongoing geo-political activity," Weir said in a statement.
Orders improved to GBP1.43 billion from GBP1.32 billion, ahead of GBP1.38 billion consensus. Original equipment orders grew 10%, reflecting project pipeline conversions, pump trial wins and contribution from new products. After-market orders increased 8% due to positive activity levels with strong demand in copper, gold, iron, and oil sands.
"Our financial performance for the first half is in line with our expectations and reflects an acceleration in Q2 supported by market share gains in new bids, competitive trials and demand for innovative new solutions," said Chief Executive Joe Stanton.
In response, shares in Weir jumped 6.8% to 2,696.00 pence each in London on Wednesday, the best performing stock in the FTSE 100 index, which was up just 0.2%.
Weir said the strong order book at the end of June, market share gains, and positive activity levels is expected to continue, and it expects good operating momentum and an improving mix to drive profitability and cashflow in the second half of 2026.
Full year guidance is in line with market expectations, Weir said.
"With momentum in all areas of the business, our outlook for the full year is underpinned," CEO Stanton added.
An interim dividend of 20.0 pence per share was declared, up 2.0% from 19.6p a year ago.
By Jeremy Cutler, Alliance News reporter
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