Interim Results
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WeirGroup_2008_InterimResults.pdf
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Results for 26 weeks ended 27 June 2008
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Group Results - Continuing Operations
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2008
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2007
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Change
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Order Input1
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£734.4m
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£555.1m
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+32%
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Revenue
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£631.7m
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£433.5m
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+46%
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Operating Profit2
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£84.7m
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£42.9m
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+97%
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Profit before tax2
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£81.8m
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£44.1m
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+85%
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Earnings per share2
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27.5p
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15.3p
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+80%
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Dividend per share
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4.65p
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4.15p
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+12%
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Net debt
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£261.7m
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£171.3m
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+£90.4m
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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.
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Contact details: The Weir Group PLC
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Available through UBS
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Mark Selway, Chief Executive
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Tel. 020 7567 8000 (switchboard)
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Helen Walker, Public Relations Manager
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(Mobile: 07789 032296)
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The Maitland Consultancy
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Tel. 020 7379 5151
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Suzanne Bartch
Peter Ogden
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(Mobile: 07769 710 335)
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