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Weir Group reports good order growth as mining and infrastructure markets strengthen
StockMarketWire.com
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Weir Group expects to deliver growth in line with current market expectations as it confirms an 11% increase in group orders in Q1 as mining and infrastructure markets continue to strengthen.
The company saw a 67% increase in original equipment orders, with a strong project pipeline, although aftermarket orders were down 2% on the back of residual Covid disruption to ore production.
It has a £36million Q1 order for energy-saving High Pressure Grinding Rolls and screens and a £32million order in April for electric-powered mine de-watering pumps.
In addition, net debt has reduced significantly since the year end due to the £256million net proceeds and £66million reduction in lease liabilities from the sale of the Oil & Gas division, which completed on 1 February 2021.
It added that, excluding the impact from the sale of the Oil & Gas division, net debt would have been higher than 31 December 2020, reflecting normal seasonal working capital patterns.
Jon Stanton, Weir Group's chief executive, said: 'The group has had a good start to the year against the backdrop of ongoing Covid challenges.
'As expected, conditions continued to improve in both mining and infrastructure markets reflecting increasing customer confidence in a broad-based economic recovery and near record prices for commodities essential to growth and carbon transition. This was reflected in continued positive development in our project pipeline and improving order conversion of our early cycle product lines and technologies that deliver significant sustainability benefits.;
At 8:18am: (LON:WEIR) Weir Group PLC share price was 0p at 1630p
Story provided by StockMarketWire.com
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