30th Apr 2026 10:42
(Alliance News) - Weir Group PLC on Thursday reaffirmed full-year guidance against a supportive commodity pricing backdrop, whilst noting that its chief executive will step down in August.
Shares in the Glasgow-based engineering company fell 8.1% to 2,540.00 pence on Thursday morning in London.
Weir said order growth is tracking in line with its expectations, with good visibility on its project pipeline.
Total orders were up 4% on-year at constant exchange rates during the three months to the end of March, Weir estimated. It expects full-year results to be weighted towards the second half, as in 2025.
"We expect cash conversion to follow normal seasonal patterns, with a steady build in inventory through the first half followed by collections toward the end of the year," the company said.
Weir sees "positive markets enhanced by contributions from recent acquisitions", whilst continuing to target growth on a constant-currency basis in revenue, operating profit and operating margin. It aims for free operating cash conversion of 90% to 100% in 2026.
In 2025, revenue totalled GBP2.60 billion, adjusted operating profit came to GBP518 million and adjusted operating margin was 20.2%, while cash conversion was 92%.
CEO Jon Stanton commented: "During the first quarter, the group executed strongly against our strategic growth agenda, completing the acquisition of ESEL and integrating at pace those acquisitions completed last year. Against a backdrop of growing geopolitical tensions, our strong operational platform is delivering for our customers, with limited impact to our global supply chain.
"Looking ahead to the full year, we remain focused on disciplined execution despite several challenges facing the mining industry, not least rising uncertainty as to potential impacts from conflict in the Middle East. With supportive commodity prices driving demand for expansions and high underlying activity levels, we expect orders to develop very positively through the year," Stanton added.
Also on Thursday, Weir reported that Stanton will step down on August 1, and will be succeeded by Andrew Neilson, currently president of Weir's largest division, Minerals.
Neilson will be elected to the company's board on Thursday, following the annual general meeting, becoming CEO designate before fully taking over in August. He has worked at Weir since 2010, and "has significantly expanded our markets", according to the company.
Weir Chair Barbara Jeremiah reaffirmed the company's confidence in Neilson, whilst thanking Stanton for his decade of service as CEO.
"Andrew's dedication to helping every Weir colleague thrive and succeed is unmatched and this underpins the board's confidence in a continuation of the success we have experienced during Jon's tenure," Jeremiah commented.
By Holly Munks, Alliance News reporter
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