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ALL BANNED
Weir raises full year expectations Date: Wednesday 04 May 2011 LONDON (ShareCast) - Engineering solutions provider Weir Group said it expects full year pre-tax profit to be around £20m ahead of its previous expectations following a strong first quarter. Glasgow-based Weir Group said a record opening order book and contributions from acquisitions made last year has increased its confidence in achieving further good progress in 2011. "First quarter performance was strong with the Group benefiting from a record opening orderbook, a positive contribution from the 2010 acquisitions and significant input growth, including record quarterly orders for the Minerals and Oil & Gas divisions," the group said in a company statement. Weir said strong revenue growth was also achieved in the quarter driven by both organic growth and contributions from the acquisitions made in 2010. Operating profits are up on the prior year period and operating margins are in line with our expectations. Order input was up 39% against the prior year period on a reported basis and advanced 30% on a like for like basis. Original equipment orders were up 49% while aftermarket orders rose 31% and up 22% like for like.
Very nice update indeed.
INTERIM MANAGEMENT STATEMENT for the quarter ended 1st April 2011(*1) The Weir Group PLC will today advise shareholders that the strong performance during the first quarter has increased its confidence in achieving further good progress in 2011. First quarter performance was strong with the Group benefiting from a record opening orderbook, a positive contribution from the 2010 acquisitions and significant input growth, including record quarterly orders for the Minerals and Oil & Gas divisions. Based on this performance, the Board now anticipate full year profit before tax and intangibles amortisation will be around £20m ahead of our previous expectations after taking account of year to date adverse foreign currency translation effects. Order input(*2) was up 39% against the prior year period on a reported basis and up 30% on a like for like(*3) basis. Original equipment orders were up 49% (up 39% like for like) and aftermarket orders up 31% (up 22% like for like). Strong revenue growth was achieved in the quarter driven by both organic growth and an encouraging first contribution from the acquisitions made in 2010. Operating profits are up on the prior year period and operating margins are in line with our expectations.
Weir Group £17.84 -13p Questor says BUY Weir Group LAST week, the US Energy Information Agency (EIA) released a study that showed that recoverable shale gas outside the US could boost global gas reserves by 40pc. It said that in 48 shale basins across 32 countries there were technically recoverable shale gas resources of almost 170 trillion cubic metres (tcm). The report did look at reserves in Russia or the Middle East, so the actual amount of recoverable gas could be much more. Of course there are lots of environmental problems with the recovery of shale gas. http://www.telegraph.co.uk/finance/markets/questor/8443935/Questor-share-tip-Weir-continues-to-outperform.html
Shale gas has enormous potential as a source of energy for the future. This presents an enormous opportunity for makers of hydraulic equipment, such as Weir Group. Weir shares are trading on a December 2010 earnings multiple of 15.7 times, falling to 14.3 next year. Buy, says the Telegraph.
SHARES in Weir Group jumped 4.5% yesterday – adding more than £150 million to the com-pany’s stock market worth – as securities houses Investec and Credit Suisse issued positive research notes on the Scottish engineering company. Weir Group shares jumped 73p to 1708p as Credit Suisse upgraded its rating on the company’s stock from “neutral” to “outperform”, maintaining its price target at 1835p. This rise in Weir Group’s share price raised the company’s stock market worth to about £3.6 billion. Meanwhile, Investec reiterated its “buy” stance on Weir Group shares. This securities house has a price target of £20 for the stock. Credit Suisse said in its note: “With Weir Group underperforming the sector by 5% over the last three months, we see the current share price as a good re-entry point into what remains a strong organic growth story.” http://www.heraldscotland.com/business/corporate-sme/weir-group-stock-rises-after-positive-comments-from-two-stockbrokers-1.1091754
cant say for sure but they do have ( did have) a lot of work going on in libya, there were 12 uk guys out there as supervisors as stated in national newspapers, and they currently have a lot of libyan equipment in their workshops in scotland
Record orders at Weir Group's (WEIR) oil and gas division boosted pre-tax profits for the year ended 31st December 2010 by more than 60%, the engineering company announced. The maker of pumps and valves, which has profited from a surge in output from North America oil shale fields, attributed the near doubling to 626 million pounds of its oil and gas order book to improved drilling techniques now being employed in the extraction process. For the 12 months, turnover increased by 18% to 1.6 billion pounds and pre-tax profit rose to 276.5 million pounds, while the group's order book rose by 39% to 1.9 billion pounds. Weir shares lost 82.5p to 1,696.5p.
Debt is the negative here
Aftermarket sales drive Weir's margin growth Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - Global engineering solutions provider Weir Group enjoyed record margins in 2010 as order input rose by almost two-fifths from the year before. Order input, calculated using average exchange rates for 2010, rose 39% £1,904m in 2010 from £1,366m in 2009, and was up 36% on a like for like basis. Underlying pre-tax profit rose 58% to £295m from £187m in 2009, on revenue that climbed 18% to £1,635m from £1,390m the year before. In constant currency terms, revenue increased by 12% while excluding the impact of current year acquisitions, like for like revenues in constant currency were up 10%. Aftermarket sales are accounting for an increasing proportion of revenue, rising to 58% of the total in 2010 from 54% in 2009, principally because of the higher growth in North American upstream oil and gas operations. This is having the effect of boosting the operating margin, which increased to 18.9% from 14.7% the year before. “During the year we made good progress in moving forward our strategic agenda, including five acquisitions which broaden our product portfolio and further increase our exposure to high-growth emerging markets. The group is well on track to achieve its ambition to double 2009 profits by 2014,” claimed Keith Cochrane, Weir’s chief executive. Two of the group’s three end markets bounced back strongly in 2010, with only the power and industrial division letting the side down, though the group expects this division’s performance to improve on 2011 on the back of a substantial nuclear workload. The oil and gas shale markets in North America were in good health, benefiting from the increasing use of hydraulic fracturing, while global mineral markets largely recovered, thanks in part to China’s insatiable demand for commodities. The board has recommended a final dividend of 21p, up from 16.2p the year before, taking the full year dividend up to 27p from 21p in 2009. Evolution Securities said the results were better than expected and should generate earnings forecast upgrades, though elements of the “robust outlook statement” were designed “to stop forecasts from going too high”. “We believe that a portfolio which is almost entirely by exposure to structural growth markets – mining, oil & gas and power generation – is attractive to investors and increasingly to larger corporates particularly characterised by the GE [General Electric] sweep up of related assets,” Evolution analyst Harry Philips said. The broker thinks fiscal 2011 earnings per share estimates could be bumped up as high as 115p from 110p currently. “There is considerable balance sheet optionality which has the scope to take Weir beyond our 2000p price target in the medium term,” Evo said. Panmure Gordon, whic
SUMMARY The Group enters 2011 in excellent financial health, with a record opening order book and an excellent platform for future growth. In the current year capital expenditure will be in the region of £100m with significant investment in the Group's upstream Oil & Gas businesses to position them to take full advantage of the opportunities in their fast growing markets. The Group is confident of delivering good progress in 2011. Over the medium term, the Group is well placed. It has strong positions in three growing sectors with positive medium term fundamentals and an emerging markets bias. It also has a resilient business model that focuses on the sale of original equipment products to provide a growing installed base for more profitable and resilient aftermarket sales. The Group is well on track to achieve its ambition to double 2009 profits by 2014.
Exceptional performance indeed!
Keith Cochrane, Chief Executive, commented: "Weir delivered an exceptional performance in 2010, demonstrating great agility in responding to improving conditions in our upstream oil and gas and mining markets. During the year we made good progress in moving forward our strategic agenda, including five acquisitions which broaden our product portfolio and further increase our exposure to high-growth emerging markets. The Group is well on track to achieve its ambition to double 2009 profits by 2014. Weir enters 2011 in excellent financial health, with a record order book, a clear strategy and plans to drive future growth. We are confident the Group will deliver good progress this year."
HIGHLIGHTS § Original equipment input up 54% on a like for like basis; § Strong aftermarket contributed 58% of revenues; § Operating profit up 51%; § Record margins benefiting from aftermarket mix and operating leverage; § Good progress made on strategic initiatives including five value enhancing acquisitions; § Full year dividend increased 29% reflecting confidence in outlook; § US$40m investment plan to expand upstream oil & gas capacity.
http://www.investegate.co.uk/Article.aspx?id=201103080700084915C
Current Price: Sell 1314p as at 12:24.21 Buy 1316p I reckon media speculation over the weekend regarding new ftse 100 standings on the 8th will make this a good one for the weekend and a good open monday.
http://www.investegate.co.uk/Article.aspx?id=201009020711560294S
12:29GMT 31Aug2010-Weir gains on FTSE 100 inclusion hopes --------------------------------------------------------- Shares in Weir Group gain as much as 8.5 percent on hopes the British manufacturer of pumps for mining and oil and gas companies might join Britain's bluechip index of companies at next week's reshuffle. 'There is the possibility that the company might be included in the FTSE 100 at the next reshuffle...it's certainly on the blocks for inclusion...although it's not an automatic inclusion,' says Charles Stanley analyst Jeremy Batstone-Carr. 'You tend to get a situation in which a company's share price does outperform on its way into the FTSE 100 index but then outperformance tends to ebb once they have been included in the index,' he adds.
review for ftse 100 on 8th sep, should be a top candidate
MARKET REPORT: Weir pumped up for a promotion By Geoff Foster Last updated at 10:13 PM on 23rd August 2010 Comments (0) Add to My Stories Tracker funds are ready to pump up the volume at Weir Group. Shares of the world's largest manufacturer of pumps for the mining industry touched 1189p before closing 11p cheaper at 1171p on profit-taking. But they could soon be testing the year's high of 1275p. Why? Because the group is hot favourite for promotion to the prestigious Footsie index for the first time ever when the FTSE Steering Committee holds its next quarterly meeting on 8th September. Glasgow-based Weir, which was established in 1871 as a pump manufacturing business, has a market value of £2.5bn. The share price has soared since Keith Cochrane took over as chief executive from Mark Selway, and has been boosted by its increasing involvement in the buoyant oil and gas and mining sectors. In June, analysts at Investec forecast that Weir would experience a material re-rating over the next 18 months because the market had yet to recognise its status as one of the fastest-growing and highest quality stocks in the UK industrials space. Its target price is 1580p. Weir recently reported a 58pc leap in interim pre-tax profits to £96.1m, driven by 'strong demand' for commodities. Management aims to double profits by 2014, but Investec believes the group has the potential to beat this target by 2012. Takeover bids, either actual or rumoured, kept things ticking over although the overall volume of business again left a lot to be desired. Read more: http://www.dailymail.co.uk/money/article-1305545/MARKET-REPORT-Weir-pumped-promotion.html#ixzz0xVaTryVd
WEIR GROUP ORDINARY SHARE (WEIR) Current Price: Sell 919p as at 08:09.34 Buy 923p
Weir hikes dividend By BFN News | 07:40 AM | Tuesday 09 March, 2010 Weir Grp. Ord 12.5p (WEIR) Industrial pump maker Weir Group reported profit before tax from continuing operations, before intangibles, rose 6% to £187m in the year. The group reported profit from discontinued operations of £5.2m relating to the release of certain warranty provisions in relation to prior year disposals and in 2008 included a gain of £55.1m on the sale of Strachan & Henshaw. For the 53 weeks to 1st January, earnings per share from continuing operations before intangibles amortisation increased by 8% to 64.1p (2008: 59.3p). Reported earnings per share including intangibles amortisation and discontinued operations were 61.2p (2008: 81.4p). Cash generated from operations increased 41% to £302.3m (2008: £214.4m), principally driven by a net working capital inflow of £66.2m (2008: £9.0m outflow) and increased profitability. Weir is recommending a 14% increase in the full year dividend, with a final dividend of 16.20p (2008: 13.85p) making a total of 21.0p for the year (2008: 18.5p). Keith Cochrane, CEO, commented: 'In a difficult global economic environment the Weir Group has again performed strongly in 2009, delivering an exceptional cash performance and making good progress against our key priorities. 'We have an excellent platform for growth and a clear strategy to extend the Group's presence in three attractive markets with positive long-term fundamentals. 'As we enter 2010 the Group is in robust financial health and well placed to capitalise on market opportunities. Although the pace and timing of global economic recovery remains uncertain and forward visibility limited, we are now targeting a broadly similar level of profitability to that achieved in 2009.' Story provided by Business Financial Newswire
RNS Number : 2635I Weir Group PLC 09 March 2010 The Weir Group PLC 9 March 2010 THE WEIR GROUP PLC PRELIMINARY RESULTS 2009 Results for 53 weeks ended 1 January 2010 2009 2008 Change Continuing Operations Order input[1] £1,302m £1,595m -18% Revenue £1,390m £1,354m +3% Operating profit[2] £205m £185m +11% Operating margin[2] 14.7% 13.7% +1.0% Profit before tax[2] £187m £176m +6% Cash from operations[2] £302m £214m +41% Earnings per share[2] 64.1p 59.3p +8% Dividend per share 21.0p 18.5p +14% Net debt £119m £240m [1] 2008 restated at 2009 average exchange rates [2] Adjusted to exclude intangibles amortisation. Reported operating profit, profit before tax and earnings per share were £188m (2008: £168m); £170m (2008: £160m) and 58.8p (2008: 53.8p) respectively. HIGHLIGHTS § Resilient aftermarket contributed 54% of revenues; § Record operating profit benefiting from positive currency effect; § Margin benefiting from stronger aftermarket and cost management; § Exceptional free cash flow generation; § Net debt halved in the year; § Stabilisation of Minerals order input; § Stronger current trading driving a more positive outlook for Weir SPM; § Power & Industrial to benefit from record nuclear order book; § 2010 expectations upgraded. Keith Cochrane, Chief Executive, commented: "In a difficult global economic environment the Weir Group has again performed strongly in 2009, delivering an exceptional cash performance and making good progress against our key priorities. We have an excellent platform for growth and a clear strategy to extend the Group's presence in three attractive markets with positive long-term fundamentals. As we enter 2010 the Group is in robust financial health and well placed to capitalise on market opportunities. Although the pace and timing of global economic recovery remains uncertain and forward visibility limited, we are now targeting a broadly similar level of profitability to that achieved in 2009." Contact details: The Weir Group PLC Available through UBS Keith Cochrane, Chief Executive Tel. 020 7567 8000 (switchboard); Helen Walker, Public Relations Manager (Mobile: 07789 032296) Maitland Tel. 020 7379 5151 Suzanne Bartch (Mobile: 07769 710 335) Rowan Brown GENERAL OVERVIEW We have delivered a strong set of results that demonstrate the quality and resilience of our business model. A higher proportion of aftermarket revenues, a growing contribution from emerging markets and effective cost base management largely mitigated the impact of reduced d