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Annual Results

Weir Group sees FY profits in line with market views

27 April 2017 07:43

Weir Group said it expects its FY profits to be in line with current market expectations.

"Mining and oil and gas markets continued to grow in the first quarter, supporting the view that we are at the beginning of a cyclical upturn in our main markets and I'm confident the Group is well positioned to benefit," said CEO Jon Stanton.

"Demand for the group's mission-critical technology was supported by miners investing in productivity gains and a significant increase in North American onshore oil and gas activity, although pricing in this market remained at low levels," he said.

Power, mid and downstream markets, which were later cycle, continued to be challenging and would take longer to recover.

"Assuming commodity prices remain supportive, we continue to anticipate good growth in constant currency revenues and strong cash generation, with full year profits anticipated to be in line with current market expectations and weighted towards the second half," said Stanton.

"The Minerals division is expected to perform as anticipated with more challenging conditions in Flow Control partially offsetting additional momentum in Oil & Gas."

Story provided by StockMarketWire.com

Related Company: WEIR

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