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Annual Results

Weir's FY pretax profit falls, dividend steady

22 February 2017 07:20

Weir Group has turned in a FY pretax profit of £170m, down from £219m a year earlier and impacted by the severe oil and gas market downturn, as it reported a return to growth in Q4.

Dividend per share was steady at 44p, with EPS at 61.2p, from 78.0p.

"Following a challenging and prolonged downturn, the group returned to growth in the fourth quarter of 2016 as our main markets showed signs of improvement and we benefited from our on-going investment in new technology and long-term customer relationships," said CEO Jon Stanton.

He said Minerals increased revenues from both original equipment and aftermarket.

Oil & Gas extended its technology leadership amidst difficult end markets and Flow Control benefited from its recent restructuring which supported margins in challenging downstream energy markets.

"Our record of excellent cash generation continued," said Stanton.

Looking ahead, Stanton added that Weir expected to deliver strong cash generation and good growth in constant currency revenues.

"Profit growth will be further supported by foreign currency translation benefits, partly offset by incremental investments in people and technology."

Separately, the company said it has appointed Geetha Dabir as its Chief Technology Officer.

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