LONDON (ShareCast) - (Sharecast News) - Engineering firm Weir Group said on Wednesday that both full-year revenue and operating profits had ticked up slightly thanks to a double-digit increase in orders.
Weir Group said revenues were up 2% in the twelve months ended 31 December to £1.93bn, while adjusted operating profits were 5% higher at £296.0m as constant currency adjusted operating margins grew 40 basis points to 15.3%. Adjusted earnings per share were down 1% on a reported basis at 71.3p.

The FTSE 250-listed firm, which declared a full-year dividend of 23.8p after not returning anything to investors in 2020, also reported a £279.0m reduction in net debt to £772.0m.

Weir Group said its strong order growth was driven by "highly active end markets and strategic growth initiatives", while "operational execution" led to the margin expansion throughout the period.

Chief executive Jon Stanton said: "In 2021 we navigated successfully through a number of significant external challenges to deliver a strong performance for the year. Order momentum was strong, with a significant acceleration in Q4, and demand for recurring aftermarket consumables has now surpassed pre-Covid levels.

"We start 2022 with a record order book and market conditions continue to be favourable. Subject to ongoing geopolitical uncertainty, and with Covid-19, inflationary and supply chain pressures likely to persist, we currently expect to deliver strong growth in constant currency revenue and profit this year and further progress towards our medium-term performance goals."

As of 0850 GMT, Weir Group shares were up 5.66% at 1,606.50p.

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