HIGHLIGHTS
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13% sequential order growth compared to second half of 2012;
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Growing aftermarket sales in all three divisions, increasing to 63% of total revenues;
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Book to bill of 1.05 and above 1.0 in each division;
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Value chain excellence agenda underway: over £15m of procurement savings achieved;
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Good first contribution from Mathena acquisition, integration progressing smoothly;
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Comminution platform established in Minerals, extending addressable market.
Keith Cochrane, Chief Executive, commented:
"Weir has delivered a first half performance in line with our expectations, despite challenging market conditions. The Group has continued to focus on operational improvements and investment in its growth platform, positioning Weir to take full advantage of the range of opportunities we see across our end markets in the second half of the year.
We anticipate good sequential revenue and profit growth in the second half, assuming a continued recovery in upstream Oil & Gas and no further deterioration, or project delays, in our mining end markets. As a result, we remain on track to meet our full year expectations and continue to expect to deliver low single digit revenue growth and broadly stable margins on 2012."
