Half Yearly Report
STRONG EXECUTION IN POSITIVE END MARKETS
The Weir Group PLC, a global engineering solutions provider to the
mining, oil & gas and power markets, today reports its 2011
interim results
Right click the link below to download the full document
WeirGroup_2011_InterimResults.pdf
[Adobe® PDF 319KB]
Results for 26 weeks ended 1 July 2011
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Group Results - Continuing Operations
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2011
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2010
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Change
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Order Input1
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£1,225m
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£859m
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+43%
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Revenue
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£1,031m
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£775m
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+33%
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Operating Profit2
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£186m
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£151m
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+23%
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Operating margin2
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18.1%
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19.5%
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-1.4pts
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Profit before tax2
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£178m
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£144m
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+24%
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Cash from operations
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£129m
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£121m
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+7%
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Earnings per share2
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60.2p
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48.5p
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+24%
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Dividend per share
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7.2p
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6.0p
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+20%
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Return on capital employed3
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33.2%
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29.6%
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+3.6pts
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Net debt
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£289m
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£284m4
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1 2010 restated at 2011 average
exchange rates
2 Adjusted to exclude intangibles amortisation.
Reported operating profit, profit before tax and earnings per share
were £175.4m (2010: £142.6m); £167.6m (2010: £135.6m) and 56.6p
(2010: 45.7p) respectively.
3 Calculated as EBIT for the last twelve months divided
by average net assets excluding pension deficit
4 31 December 2010 net debt
HIGHLIGHTS
- Original equipment input up 67%, aftermarket input up 25%
- Strong growth across the minerals and upstream oil and gas
markets
- Record upstream Oil & Gas input of US$531m and revenues of
US$422m
- Pre-tax profits up 24% to £178m after one-off costs of £7m
- 20% increase in dividend to 7.2p
- US$75m investment plan to further expand upstream oil and gas
capacity
- Sale of Cathcart, Glasgow site with net proceeds of £25m in the
second half
Keith Cochrane, Chief Executive,
commented:
"The Weir Group has delivered another positive set of results, with
revenue and profit growth and record orders. Strong order trends in
our Minerals division, as well as an excellent performance from our
upstream oil and gas operations demonstrate our ability to serve
market needs by executing effectively on our strategic growth
agenda.
The Group will continue to invest to grow ahead of our end markets
and we now expect profits for the full year to be somewhat ahead of
our previous expectations.”
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Contact details
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The Weir Group PLC
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Vicky Ferrier, Head of Investor Relations and Communications
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Mobile: +44 (0) 7787105515
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Jonathan Milne, Communications Manager
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Mobile: +44 (0) 7713789536
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Maitland
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Suzanne Bartch or Rowan Brown
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Tel. +44 (0) 20 7379 5151
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A live audiocast of the management presentation to the
investment community will begin at 9:15am (BST) on 2nd August 2011.
Access details for the audiocast, copies of this release and the
slide presentation are available at www.weir.co.uk
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