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12 August 2008 07:00: LSE

Interim Results

Right click the link below to download the full document
WeirGroup_2008_InterimResults.pdf [Adobe® PDF 275Kb]

Results for 26 weeks ended 27 June 2008

 

Group Results - Continuing Operations

 

2008

 

2007

 

Change

Order Input1

£734.4m

 

£555.1m

 

+32%

Revenue

£631.7m

 

£433.5m

 

+46%

Operating Profit2

£84.7m

 

£42.9m

 

+97%

Profit before tax2

£81.8m

 

£44.1m

 

+85%

Earnings per share2

27.5p

 

15.3p

 

+80%

Dividend per share

4.65p

 

4.15p

 

+12%

Net debt

£261.7m

 

£171.3m

 

+£90.4m

1: 2007 restated at 2008 average exchange rates
2: Adjusted to exclude intangibles amortisation

HIGHLIGHTS

  • Revenue up 46% to £632m (2007: £434m)
  • Operating Profit2 up 97% to £84.7m (2007: £42.9m)
  • Earnings per share2 up 80% to 27.5p (2007: 15.3p)
  • Dividend increase of 12% to 4.65p (2007: 4.15p)
  • Cash generated from operations £63.0m, up £12.9m (2007: £50.1m)
  • Strong growth from all of the Group’s sector focused divisions
  • Warman acquired for £113.8m and successfully integrated
  • £54.2m exceptional profit on disposal of non core businesses

The Chairman of The Weir Group, Lord Smith of Kelvin, commented: “In the first half of 2008, the Group’s continuing operations delivered significant increases in revenue, profit and earnings per share when compared to the same period in 2007.

The Group’s performance clearly demonstrates the effective execution of our strategy to focus resources at higher growth, longer cycle markets. The strength of the current order book and contribution from recent acquisitions will deliver further progress in the second half of the year.

The Group’s continued strong performance underpins the Board’s confidence in achieving current market consensus3 for profit before tax, intangibles amortisation and exceptional items.”

3:The range of analysts forecasts as at 8 August 2008 for profit before tax, intangibles amortisation and exceptional items, was £163.0 - £171.7m with a consensus of £165.4m.

 

Contact details: The Weir Group PLC

Available through UBS

Mark Selway, Chief Executive

Tel. 020 7567 8000 (switchboard)

Helen Walker, Public Relations Manager

(Mobile: 07789 032296)

The Maitland Consultancy

Tel. 020 7379 5151

Suzanne Bartch
Peter Ogden

(Mobile: 07769 710 335)

Note to Editors:
Print quality images are available to download at http://www.newscast.co.uk

Helen Walker
Public Relations Manager
The Weir Group PLC 

Helen.Walker@Weir. co.uk
+44 (0)141 637 7111

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