Weir Group (WEIR)

Sector:

Engineering

Index:

FTSE 100

2,166.00p
   
  • Change Today:
    -32.00p
  • 52 Week High: 2,200.00
  • 52 Week Low: 1,759.50
  • Currency: UK Pounds
  • Shares Issued: 259.61m
  • Volume: 764,443
  • Market Cap: £5,623m
  • RiskGrade: 162
  • Beta: 1.24

Weir Group shares surge as mining boom boosts annual profits

By Frank Prenesti

Date: Wednesday 01 Mar 2023

LONDON (ShareCast) - (Sharecast News) - Engineering group Weir on Wednesday posted a rise in annual profits on the back of a booming mining industry, sparking a surge in the stock.
The company said pre-tax profits for 2022 rose by 24% to £260m. Revenue was up 28% to £2.47bn as orders surged 14% to £2.64bn.

Shareholders were rewarded with a 38% rise in the annual dividend to 32.8p a share. Growth was driven in part by a strong second half and final quarter, with orders rising 8% in the final three months of the year.

"Throughout the year, conditions in mining markets were highly favourable. Across most key commodities, market prices were significantly above miners' cost to produce and end market demand was high. This was particularly the case for energy transition metals, such as copper, as physical inventory levels tightened through the year," the company said.

"With large greenfield expansion projects slow to convert, miners met demand by accelerating production from existing assets and by developing harder and more complex ore deposits. This, coupled with a growing installed base and the effects of declining ore grades, drove record demand for our aftermarket spares and expendables."

"In original equipment, we won market share as miners ordered Weir solutions to debottleneck and improve the efficiency of existing assets."

Weir said its longer-term prospects were underpinned by decarbonsiation efforts and the transition to sustainable mining, and added that it was on track to achieve its target of 17% operating margin this year, as well as revenue and profit growth.

Analysts at Shore Capital rated the stock a 'buy', adding that "population growth, the convergence of living standards, urbanisation, ore grade decline (more materials need to be processed to extract the same amount of metals/minerals) and the demand for metals/battery metals to support the global clean energy transition/decarbonisation all point in Weir's favour".

Reporting by Frank Prenesti for Sharecast.com

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Weir Group Market Data

Currency UK Pounds
Share Price 2,166.00p
Change Today -32.00p
% Change -1.46 %
52 Week High 2,200.00
52 Week Low 1,759.50
Volume 764,443
Shares Issued 259.61m
Market Cap £5,623m
Beta 1.24
RiskGrade 162

Weir Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
96.69% below the market average96.69% below the market average96.69% below the market average96.69% below the market average96.69% below the market average
86.21% below the sector average86.21% below the sector average86.21% below the sector average86.21% below the sector average86.21% below the sector average
Price Trend
63.48% above the market average63.48% above the market average63.48% above the market average63.48% above the market average63.48% above the market average
67.74% above the sector average67.74% above the sector average67.74% above the sector average67.74% above the sector average67.74% above the sector average
Income
73.92% below the market average73.92% below the market average73.92% below the market average73.92% below the market average73.92% below the market average
75% below the sector average75% below the sector average75% below the sector average75% below the sector average75% below the sector average
Growth
42.49% above the market average42.49% above the market average42.49% above the market average42.49% above the market average42.49% above the market average
42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average

What The Brokers Say

Strong Buy 5
Buy 6
Neutral 6
Sell 1
Strong Sell 0
Total 18
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Weir Group Dividends

  Latest Previous
  Interim Final
Ex-Div 03-Oct-24 18-Apr-24
Paid 01-Nov-24 31-May-24
Amount 17.90p 20.80p

Trades for 08-Nov-2024

Time Volume / Share Price
16:50 1,781 @ 2,166.00p
16:35 1,518 @ 2,166.00p
16:35 548 @ 2,166.00p
16:35 49 @ 2,166.00p
16:35 375 @ 2,166.00p

Weir Group Key Personnel

CEO Jon Stanton
Chair Barbara Jeremiah
CFO Brian Puffer

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