31st Jul 2018 10:28
LONDON (Alliance News) - Weir Group PLC on Tuesday maintained its full-year "strong growth expectations" after posting a half-year revenue and orders increase.
For the six months to June 30, the FTSE 250-listed engineering company posted revenue up 15% to GBP1.06 billion from GBP922 million in the comparative year-ago period.
The company received 20% more orders amounting to GBP1.16 billion compared to GBP976 million last year, with Minerals orders up 12% to GBP728 million and Oil & Gas orders up 34% to GBP438 million.
Pretax profit increased 38% to GBP143 million from GBP104 million year-on-year.
The company lifted its interim dividend to 15.75 pence per share from 15.0p paid to shareholders last year.
"Looking to the full year we continue to anticipate strong constant currency revenue and profit growth in addition to further strong cash generation and balance sheet deleveraging," Weir Chief Executive Officer Jon Stanton said.
For 2017, the company posted revenue of GBP2.35 billion and pretax profit of GBP250 million.
Weir Group shares were trading down 2.3% at 1,931.50p.
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