7th May 2008 07:01
Weir Group PLC07 May 2008 7th May 2008 THE WEIR GROUP PLC AGM AND INTERIM MANAGEMENT STATEMENT The Weir Group PLC today issues the following interim management statement inrespect of the 13 weeks ending 31 March 2008. The Group's financial performance remained strong with growth in input (1) andrevenue (1) in the first quarter reflecting continued buoyant market conditionsacross the mining, oil & gas and power sectors. The ongoing strength of the Group's end markets, combined with the addition ofSPM, has resulted in improved operating margins when compared with the sameperiod in 2007. Material Events and Transactions On 18 March 2008, the Group completed the acquisition of CH Warman Pump Group, aspecialist pump business serving the mining and minerals processing industrythroughout Africa, for a cash consideration of US$231m (£113m). On 21 April 2008, the Group completed the disposal of Weir Strachan & Henshawfor £65m which will be classified as a discontinued operation in this year'sresults. Financial position Net debt at 31 March 2008 was higher than the position at 28 December 2007,primarily as a result of the acquisition of CH Warman. During April, the Groupreceived cash proceeds of £65m from the disposal of Weir Strachan & Henshawwhich will be used to continue to develop Weir's activities in specialist highermargin businesses in the oil & gas, mining and power & industrial sectors. Outlook The Group's strong start to the year increases the Board's confidence inachieving profit before tax from continuing operations, as outlined in ourpreliminary results announcement on 11 March 2008, of £140m (after intangiblesamortisation). Footnote: 1. Input and revenue growth refers to the like for like comparison of currentyear results to the equivalent prior year period for those businesses that havebeen part of the Group throughout the current and prior year reporting period,on a constant currency basis. Contact details: The Weir Group PLCMark Selway, Chief Executive Tel. 0141 637 7111 (switchboard);Helen Walker, Public Relations Manager Tel. 0141 308 3739 (Mobile: 07789 032296)Maitland Tel. 020 7379 5151Suzanne BartchPeter Ogden Note to Editors: Print quality images are available to download at http://www.newscast. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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