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Interim Results

Weir revenues up but margins suffer

27 July 2017 08:13

Engineering company Weir's (WEIR) pre-tax profit slid by 8% on a constant currency basis in the first half of 2017.

The company's pre-tax profit was £92m, which was 12% higher on a reported basis.

Revenue increased by 10% at constant currency to £1,091m, but the operating margin fell by 210 basis points.

Jon Stanton, chief executive officer, said its two main businesses are transitioning from an intense downturn into a recovery and growth phase.

"Our focus is on ensuring we take full advantage of improving markets and further enhance our leadership positions by investing in our distinctive competencies - people, customers, technology, and performance - where we have made substantial progress in the first half," he said.

At 8:13am: (LON:WEIR) Weir Group PLC share price was -45.5p at 1869.5p

Story provided by StockMarketWire.com

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