Weir Group (WEIR)

Sector:

Engineering

Index:

FTSE 100

2,260.00p
   
  • Change Today:
      6.00p
  • 52 Week High: 2,270.00
  • 52 Week Low: 1,759.50
  • Currency: UK Pounds
  • Shares Issued: 259.61m
  • Volume: 1,747,071
  • Market Cap: £5,867m
  • RiskGrade: 162
  • Beta: 1.24

Weir reaffirms guidance after strong third quarter

By Josh White

Date: Tuesday 05 Nov 2024

LONDON (ShareCast) - (Sharecast News) - Weir Group reaffirmed its full-year guidance after reporting a robust third-quarter performance on Tuesday, citing increased demand in both greenfield and brownfield mining projects.
The FTSE 100 engineering firm said order intake rose as it secured £51m in large greenfield orders for major projects, including the Reko Diq copper and gold site in Pakistan and OCP's phosphate initiatives in Morocco.

It reported 15% growth in original equipment (OE) orders, driven by its focus on sustainable solutions like the 'Enduron' high-pressure grinding rolls (HPGR), as customers increased investments in energy transition projects.

Aftermarket (AM) orders in minerals also rose by 3%, reflecting growth in hard rock mining and production expansions, though ESCO AM orders were down slightly due to the timing of large dredge and oil sands orders.

Weir's 'performance excellence' programme had generated £19m in cumulative savings, positioning the company well on its path to a £60m target by 2026.

The initiative included technology rollouts such as the 'Nexsys GET' system and 'NEXT' intelligent solutions, both aimed at optimising customer operations and reducing downtime.

For the full year, Weir said it expected constant currency revenue and operating profit growth, with an operating margin of about 18% and cash conversion rates between 90% and 100%.

Net debt narrowed in the third quarter, supported by positive free operating cash flow and foreign exchange tailwinds.

As Weir anticipated further order growth in the final quarter of the year, it was optimistic about long-term mining demand, supported by global decarbonisation and economic growth trends.

"We are capitalising on growing interest for our sustainable solutions with major orders received for the Reko Diq project and the OCP expansion as well as good momentum on brownfield projects," said chief executive officer Jon Stanton.

"These orders demonstrate Weir's mining technology leadership and our unique opportunity to provide transformative solutions for sustainable mining as the energy transition gathers pace."

Stanton said aftermarket orders were in line with expectations, and reflected high levels of activity in core mining markets with the mine-specific factors seen in the first half moderating.

"Going into the fourth quarter we expect orders to continue to develop positively, and we reiterate our 2024 guidance of growth in constant currency revenue and operating profit, together with achievement of our margin and cash conversion targets."

Reporting by Josh White 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 2,260.00p
Change Today 6.00p
% Change 0.27 %
52 Week High 2,270.00
52 Week Low 1,759.50
Volume 1,747,071
Shares Issued 259.61m
Market Cap £5,867m
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
96.67% below the market average96.67% below the market average96.67% below the market average96.67% below the market average96.67% below the market average
86.67% below the sector average86.67% below the sector average86.67% below the sector average86.67% below the sector average86.67% below the sector average
Price Trend
68.48% above the market average68.48% above the market average68.48% above the market average68.48% above the market average68.48% above the market average
87.50% above the sector average87.50% above the sector average87.50% above the sector average87.50% above the sector average87.50% above the sector average
Income
74.53% below the market average74.53% below the market average74.53% below the market average74.53% below the market average74.53% below the market average
52.94% below the sector average52.94% below the sector average52.94% below the sector average52.94% below the sector average52.94% below the sector average
Growth
43.47% above the market average43.47% above the market average43.47% above the market average43.47% above the market average43.47% above the market average
37.93% above the sector average37.93% above the sector average37.93% above the sector average37.93% above the sector average37.93% above the sector average

What The Brokers Say

Strong Buy 6
Buy 6
Neutral 6
Sell 1
Strong Sell 0
Total 19
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 06-Dec-2024

Time Volume / Share Price
16:35 674,405 @ 2,254.00p
16:34 674,405 @ 2,254.00p
16:35 4,116 @ 2,260.00p
16:35 1,223 @ 2,260.00p
16:35 171,392 @ 2,260.00p

Weir Group Key Personnel

CEO Jon Stanton
Chair Barbara Jeremiah
CFO Brian Puffer

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