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Preliminary results 2008

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WeirGroup_2008_PreliminaryResults.pdf  [Adobe® PDF - 416 Kb]

Results for 52 weeks ended 26 December 2008

Highlights

1 2007 restated at 2008 average exchange rates.
2 Adjusted to exclude intangibles amortisation.  Reported operating profit, profit before tax and earnings per share were £168.3m (2007: £110.9m); £159.5m (2007: £109m) and 53.8p (2007: 37.8p) respectively.

The Chairman of The Weir Group, Lord Smith of Kelvin, commented: "2008 proved to be the best operating year in Weir’s history.

Profit before tax from continuing operations rose by 53% to £176.2m and we also saw significant increases in input, revenue and earnings per share when compared to 2007.  Our achievements during the year include a realigned portfolio of businesses, improved operational performance and the addition of several high quality businesses to the Group.

While we enter 2009 with a significantly stronger forward order book than at the same point last year, we are not immune from the broader economic environment and expect capital spending deferrals and lower activity levels to feature in many of the Group’s end markets. 

We are taking actions to prepare the business for the short term but with an eye on the longer term, while remaining focused on operational efficiencies, cash generation and lowering our costs."