Business
Half-yearly report
Half-yearly report.
About this update from Weir Group Plc
[{"type":"text","content":"\n Half-yearly reportThe Weir Group PLC31 July 2014 FIRST HALF RESULTS IN-LINE WITH EXPECTATIONS: FULL YEAR GUIDANCE UNCHANGEDThe Weir Group PLC, a global engineering solutions provider to the energy and natural resources industries, today reports its 2014 interim results for the period ended 4 July 2014.Results for 26 weeks ended4 July 201428 June 2013Reported GrowthConstant Currency1Continuing operations Order input1 £1,240m £1,130m +10% Revenue £1,144m £1,198m -5% +6% Operating profit2 £201m £217m -7% +4% Operating margin2 17.6% 18.1% -50bps -40bps Profit before tax2 £182m £193m -6% +7% Cash from operations £150m £183m -18% Earnings per share2 61.4p 66.4p -8% Dividend per share 15.0p 8.8p +70% Net debt £751m £747m3 -£4m Return on Capital Employed4 18.6% 19.3% -70bps Notes: 1. 2013 restated at 2014 average exchange rates. 2. Adjusted to exclude exceptional items and intangibles amortisation. Reported operating profit and profit before tax were £178m (2013: £195m) and £158m (2013: £165m) respectively. Reported earnings per share were 53.8p (2013: 56.6p). 3. Net debt at 3 January 2014. 4. Continuing operations EBIT before exceptional items (excluding Mathena and R Wales EBIT and exceptional items) divided by average net assets (excluding Mathena and R Wales net assets) excluding net debt and pension deficit (net of deferred tax asset). HIGHLIGHTS110% order growth year on year and 9% up on H2-2013Positive aftermarket momentum across the Group: 15% order input growthStrong growth in upstream Oil & Gas: divisional input up 40% year on yearAdverse foreign currency exchange rate movements: £23m (11%) operating profit impactMining market remains challenging, margins impacted by industrial action in South AfricaNew products performing well: £51m input from HPGRs and premium fluid endsDividend rephased: Interim up 70% to represent approximately one-third of full year dividend1 All comparatives are on a constant currency basis, unless otherwise stated.Keith Cochrane, Chief Executive, commented:\"Weir has delivered a good underlying first half performance in line with expectations. The benefits of our diverse portfolio were evident as the impacts of previously identified downside and upside risks offset each other. Double digit growth in Oil & Gas was partially offset by challenging mining end market conditi...