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(Sharecast News) - Weir Group reported first-half revenue of 1.27bn on Wednesday, up 5% at constant currency, while orders rose 8% to 1.43bn as demand remained strong across copper, gold, iron ore and oil sands markets.
Adjusted operating profit was broadly flat at 239m and the adjusted operating margin fell 100 basis points to 18.8%, reflecting product mix, production-transfer delays and the timing of cost savings.
Adjusted earnings per share declined 7% to 54.6p, while the interim dividend was raised 2% to 20.0p.
The FTSE 100 engineering group reiterated its full-year guidance for growth in revenue, operating profit and margins, supported by a strong order book and improving second-half mix.
"Our financial performance for the first half is in line with our expectations and reflects an acceleration in Q2," said chief executive Jon Stanton.
Weir remains on track to deliver 90m of cumulative Performance Excellence savings in 2026 and expects full-year margins to remain above 20%, with free operating cash conversion of 90% to 100%.
At 0914 BST, shares in the Weir Group were up 6.34% at 2,684p.
Reporting by Josh White for Sharecast.com.
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