Trading Statement
The Weir Group PLC today issues the following Trading Statement
in respect of the 52 weeks ended 26 December 2008.
In the final quarter, the Group has continued to perform well,
growing input, revenue and profit on a constant currency basis
compared to the equivalent prior year period.
The Group's results benefitted from the effects of a positive
foreign currency translation in the final quarter, most notably
from the strengthening of the US dollar against sterling.
Financial Position
Net debt at 31 December 2008 is expected to be lower than the
half year figure of £261.7m, with operating cashflow generation and
the proceeds from the sale of the Materials & Foundries
businesses being partially offset by an adverse foreign currency
translation effect.
A total of £625m of committed revolving credit facilities,
expiring in 2011, is in place and provides the necessary financial
headroom to support the continuing development of the Group.
Outlook
As a result of the Group's good performance in the year and the
foreign currency translation benefits outlined above we expect the
2008 full year outlook for profit from continuing operations before
tax, intangibles amortisation and exceptional items to increase to
around £174m1.
The Group enters 2009 in a good position and is ready to respond
to the market challenges as they develop during the year.
Notes:
1. Group guidance for continuing
operations profit before tax, intangibles amortisation and
exceptional items at 9 October 2008 was £170m.
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Contact details: The Weir Group
PLC
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Tel. 0141 637 7111 (switchboard)
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Helen Walker, Public Relations Manager
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Tel. 0141 308 3739 (Mobile: 07789 032296)
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Maitland
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Tel. 020 7379 5151
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Suzanne Bartch
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(Mobile: 07769 710 335)
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