STRONG PROFIT GROWTH IN FIRST HALF OF 2012
The Weir Group PLC, a global engineering solutions provider to the mining, oil & gas and power markets, today reports its 2012 interim results
|
Results for 26 weeks ended |
29 June 2012 |
1 July 2011 |
Change |
|
Continuing Operations |
|||
|
Order input(*1) |
£1,312m |
£1,220m |
+8% |
|
Revenue |
£1,325m |
£1,031m |
+29% |
|
Operating profit(*2) |
£248m |
£186m |
+33% |
|
Operating margin(*2) |
18.7% |
18.0% |
+70pts |
|
Profit before tax(*2) |
£226m |
£178m |
+27% |
|
Cash from operations |
£141m |
£129m |
+10% |
|
Earnings per share(*2) |
76.4p |
60.1p |
+27% |
|
Reported earnings per share |
69.9p |
56.3p |
+24% |
|
Dividend per share |
8.0p |
7.2p |
+11% |
|
Return on capital employed(*3) |
30.6% |
28.1% |
+250pts |
|
Net debt |
£844m |
£673m(*4) |
KEY POINTS
- Strong trading in the Minerals and Power & Industrial divisions
- Strengthening aftermarket performance; input up 17%, revenue up 29%
- H1 upstream revenue and margin expectations met; H2 pressure pumping markets challenging
- Acquisition integrations progressing well and trading in line with expectations
- Profit before tax up 27% to £226m
- 11% increase in interim dividend to 8.0p
Keith Cochrane, Chief Executive, commented:
"These results bear out the strength of our well-diversified Group. Effective execution of our growth strategy in Minerals and Power & Industrial and a good first contribution from acquisitions have offset the challenging pressure pumping market conditions faced by Oil & Gas.
In the second half we anticipate a strong performance from the Minerals and Power & Industrial Divisions and some improvement in Oil & Gas upstream pressure pumping aftermarket demand relative to the second quarter, although the timing of any improvement remains uncertain. Assuming no significant change in macro economic conditions, full year profit before tax, amortisation and exceptional items is expected to be between £440m-£460m with the low end of the range reflecting no improvement on Q2 in upstream Oil & Gas."
