Business
CORRECTION: Interim Management Statement
CORRECTION: Interim Management Statement.
About this update from Weir Group Plc
[{"type":"text","content":"\n CORRECTION: Interim Management StatementThe Interim Management Statement released at 7:01 on 28 April 2016 stated that a conference call for analysts and investors will be held at 0800 (GMT) on Thursday 28 April to discuss the statement. This should have stated that a conference call for analysts and investors will be held at 0800 (BST) on Thursday 28 April. No other details of the announcement, produced in full again below, have been changed. The Weir Group PLCInterim Management Statement for the period to 27 April 20161Highlights:Q1 trading slightly ahead of expectations supported by cost reductions and a resilient Minerals performance Full year expectations unchangedQ1 like for like order input2 down 22%; revenue decline broadly in line with order inputStable like for like Minerals revenues; input down 5%, original equipment input better than expectedSignificant declines in Oil & Gas activity - US land rig count down a further 40% in 2016 to date£10m incremental annualised cost savings, impact of actions taken in last 18 months now over £160m3Disposal programme on track towards £100m target, balance sheet metrics in line with expectationsKeith Cochrane, Chief Executive, commented: \"The Group has maintained its focus on strong cash generation, aggressive cost reduction and developing the innovative solutions which have made Weir a global leader. This comes against the backdrop of ongoing challenges across our end markets.\"Mining customers continue to prioritise preserving cash, although there was a slight pickup in orders through the quarter and Minerals divisional revenues on a like for like basis were flat year on year. Trading conditions in oil and gas markets reflected further reductions in activity levels in all regions despite the limited improvement in oil prices in 2016. The Group remains focused on cost reduction measures which have helped to deliver first quarter profits slightly ahead of our expectations.\"As a result, we expect first half profits to be slightly ahead of market expectations. Our full year expectations remain unchanged, reflecting the slower recovery now anticipated in oil and gas markets.\"First quarter reviewFirst quarter input reduced 21% compared to the prior year period. A significant reduction in activity levels across the Oil &...