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Weir Group PLC on Wednesday reported a ‘strong’ 2021 with orders growing thanks to demand for recurring aftermarket consumables now surpassing pre-Covid levels.
Shares in the Glasgow-based mining, infrastructure and oil & gas engineering firm were 7.9% higher in London on Wednesday at 1,640.00 pence each. The wider FTSE 250 index was up just 1.2%.
Pretax profit rose to £209 million in 2021 from £178 million in 2020. Revenue slipped to £1.93 billion from £1.97 billion, but orders rose to £2.20 billion from £1.79 billion.
‘Original equipment orders were up 45% as we continued to see miners prioritise both sustainability and efficiency. This was reflected in demand for our differentiated technology with Integrated Solutions orders up 32%,’ Weir explained.
Chief Executive Jon Stanton said: ‘In 2021 we navigated successfully through a number of significant external challenges to deliver a strong performance for the year. Order momentum was strong, with a significant acceleration in fourth quarter, and demand for recurring aftermarket consumables has now surpassed pre-Covid levels.’
Weir declared a total dividend for 2021 of 23.8 pence after withholding the shareholder payout in 2020.
‘We start 2022 with a record order book and market conditions continue to be favourable. Subject to ongoing geopolitical uncertainty, and with Covid-19, inflationary and supply chain pressures likely to persist, we currently expect to deliver strong growth in constant currency revenue and profit this year and further progress towards our medium-term performance goals,’ Stanton added.
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