Weir Group (WEIR)

Sector:

Engineering

Index:

FTSE 100

2,154.00p
   
  • Change Today:
      20.00p
  • 52 Week High: 2,200.00p
  • 52 Week Low: 1,675.50p
  • Currency: UK Pounds
  • Shares Issued: 257.90m
  • Volume: 527,264
  • Market Cap: £5,555m
  • RiskGrade: 162

Weir Group delivers strong 2023 profits as margins beat targets

By Benjamin Chiou

Date: Thursday 29 Feb 2024

LONDON (ShareCast) - (Sharecast News) - Weir Group managed to deliver an 18% increase in adjusted profits in 2023 after beefing up margins more than expected as it pointed to further growth across the board this year.
The Glasgow-based engineering group said full-year adjusted pre-tax profit totalled £411m last year, up from £348m in 2022, with the adjusted operating margin rising 140 basis points to 17.4%, ahead of the 17.0% target.

The company said the improvement was a result of operational efficiency, the initial benefits from its Performance Excellence cost-savings programme and a year-on-year reduction in adverse transactional FX movements.

Weir, which services the minerals and mining technology markets, said orders were flat over the year but it managed to increase revenues to £2.64bn, 9% higher than the previous year due to positive volume and pricing effects.

"Our unique capabilities are enabling us to capitalise on the structural growth in demand for critical metals and the transition to more sustainable mining," said chief executive Jon Stanton.

The board declared a final dividend of 20.8p per share, in line with its policy to pay out 33% of adjusted earnings, which takes the full-year payout to 38.6p, up 18% on 2022.

Looking ahead, the company reiterated its adjusted operating margin target of 20% by 2026, and said it has entered the new financial year with a strong order book and positive ore production trends in its mining markets.

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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 2,154.00p
Change Today 20.00p
% Change 0.94 %
52 Week High 2,200.00p
52 Week Low 1,675.50p
Volume 527,264
Shares Issued 257.90m
Market Cap £5,555m
RiskGrade 162

Weir Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
94.85% below the market average94.85% below the market average94.85% below the market average94.85% below the market average94.85% below the market average
69.7% below the sector average69.7% below the sector average69.7% below the sector average69.7% below the sector average69.7% below the sector average
Price Trend
73.71% above the market average73.71% above the market average73.71% above the market average73.71% above the market average73.71% above the market average
54.29% above the sector average54.29% above the sector average54.29% above the sector average54.29% above the sector average54.29% above the sector average
Income
69.81% below the market average69.81% below the market average69.81% below the market average69.81% below the market average69.81% below the market average
29.41% below the sector average29.41% below the sector average29.41% below the sector average29.41% below the sector average29.41% below the sector average
Growth
28.52% above the market average28.52% above the market average28.52% above the market average28.52% above the market average28.52% above the market average
27.27% above the sector average27.27% above the sector average27.27% above the sector average27.27% above the sector average27.27% above the sector average

What The Brokers Say

Strong Buy 3
Buy 6
Neutral 6
Sell 2
Strong Sell 0
Total 17
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
  Final Interim
Ex-Div 18-Apr-24 05-Oct-23
Paid 31-May-24 03-Nov-23
Amount 20.80p 17.80p

Trades for 24-May-2024

Time Volume / Share Price
16:44 43,842 @ 2,148.36p
16:35 210,734 @ 2,154.00p
16:35 461 @ 2,154.00p
16:35 195 @ 2,154.00p
16:35 262 @ 2,154.00p

Weir Group Key Personnel

CEO Jon Stanton
Chair Barbara Jeremiah
CFO Brian Puffer

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