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Weir books annual loss after oil division writedown
StockMarketWire.com
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Engineering company Weir booked a full-year loss after it booked a writedown on the sale of its oil and gas business and focused its attention on the mining sector.
Pre-tax losses for the year through December amounted to £149 million, compared to losses of £379 million year-on-year, and included a £209 million impairment charge.
Revenue edged back 1% to £1.97 billion, while adjusted pre-tax profit fell 5% to £255 million.
Weir did not declare any dividends for the year.
On current trading, Weir said it had made a 'good start' to 2021 following a 14% sequential improvement in orders in the fourth quarter of 2020.
'The group delivered a highly resilient performance in what was an extraordinary year,' chief executive Jon Stanto said.
'We've had a good start to 2021 and we expect to deliver growth in full year constant currency profits subject to any further disruption from the ongoing Covid-19 pandemic.'
'More broadly, underlying conditions are favourable and with the strong platform we've created we're confident of outperforming our markets over the next three years and delivering sustainable long-term profitable growth.'
Story provided by StockMarketWire.com
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