Less Ads, More Data, More Tools Register for FREE

Pin to quick picksWeir Group Share News (WEIR)

Share Price Information for Weir Group (WEIR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 2,014.00
Bid: 2,014.00
Ask: 2,018.00
Change: -46.00 (-2.23%)
Spread: 4.00 (0.199%)
Open: 2,068.00
High: 2,068.00
Low: 2,008.00
Prev. Close: 2,060.00
WEIR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

TOP NEWS: Weir shares surge as yearly growth exceeds consensus

Wed, 01st Mar 2023 08:54

(Alliance News) - Weir Group PLC on Wednesday reported consensus-topping yearly revenue for 2022, and said it kicked off the new year with a "record order book" and a promising outlook in the key mining market.

Shares in the company shot up 7.2% to 2,035.00 pence each in London on Wednesday morning, the best FTSE 100 performer.

The Glasgow-based mining technology company said revenue in 2022 jumped 28% to GBP2.47 billion from GBP1.93 billion in 2021. Revenue came in ahead of company-compiled consensus of GBP2.36 billion.

Pretax profit improved 40% to GBP260.2 million from GBP209.5 million, while adjusted operating profit climbed by a third to GBP395 million, topping consensus of GBP379 million.

"The value creation opportunity for Weir is compelling. The mining industry is playing a crucial role in meeting the twin demands for decarbonisation and economic growth, resulting in multi-decade demand growth for critical metals," Chief Executive Officer Jon Stanton said.

"This is reflected in the proven performance of our mining businesses through the cycle, and was further evidenced in 2022."

Weir lifted its annual payout by 38% to 32.8 pence per share from 23.8p. It lifted its final payout by 57% to 19.3p.

Looking ahead, the company said: "We begin 2023 with a record order book and positive conditions in mining markets, where high levels of activity, coupled with miners' focus on sustainable operations, are driving demand for our AM spares and brownfield OE solutions. In 2023, we therefore expect to deliver growth in constant currency revenue, profit and operating margin."

Its adjusted operating margin for 2022 was 16.0%, rising from 15.3%. Weir expects to deliver on its 17% margin target for 2023.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
3 Sep 2021 14:37

EXECUTIVE CHANGES: Barbara Jeremiah to be Weir's first female chair

EXECUTIVE CHANGES: Barbara Jeremiah to be Weir's first female chair

Read more
3 Sep 2021 07:56

Barbara Jeremiah to succeed Charles Berry as Weir chair

(Sharecast News) - Weir Group said on Friday that Charles Berry will retire as chairman after the annual meeting in April 2022, having done a full nine-year term, with Barbara Jeremiah set to take over.

Read more
3 Sep 2021 07:49

LONDON MARKET PRE-OPEN: Berkeley on track to meet profit guidance

LONDON MARKET PRE-OPEN: Berkeley on track to meet profit guidance

Read more
1 Sep 2021 17:23

TOP NEWS: Morrisons, Meggitt join blue-chips; Darktrace rises to 250s

TOP NEWS: Morrisons, Meggitt join blue-chips; Darktrace rises to 250s

Read more
31 Aug 2021 12:05

LONDON MARKET MIDDAY: Stocks mixed amid fresh China economic fears

LONDON MARKET MIDDAY: Stocks mixed amid fresh China economic fears

Read more
31 Aug 2021 09:38

LONDON BROKER RATINGS: Citi and JPMorgan differ on Bridgepoint

LONDON BROKER RATINGS: Citi and JPMorgan differ on Bridgepoint

Read more
31 Aug 2021 09:30

UPDATE 2-Financial stocks drag FTSE 100 lower but records best month since April

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Bunzl falls on flagging supply chain disruptions* Blue Prism Group jumps on talks over possible offer* Blue-chip index records best monthly...

Read more
31 Aug 2021 08:45

LONDON MARKET OPEN: Bunzl falls on supply chain, Covid sales reversal

LONDON MARKET OPEN: Bunzl falls on supply chain, Covid sales reversal

Read more
25 Aug 2021 17:01

LONDON MARKET CLOSE: FTSE 250 outperforms amid hesitant market mood

LONDON MARKET CLOSE: FTSE 250 outperforms amid hesitant market mood

Read more
25 Aug 2021 12:41

Weir, ITV set for demotion in next FTSE reshuffle

(Sharecast News) - Broadcaster ITV and engineering firm Weir are set for a demotion from the FTSE 100 in the next reshuffle, while takeover targets Morrisons and Meggitt are in line for a promotion.

Read more
25 Aug 2021 12:14

LONDON MARKET MIDDAY: Tentative gains as markets await Powell speech

LONDON MARKET MIDDAY: Tentative gains as markets await Powell speech

Read more
25 Aug 2021 10:52

LIVE MARKETS-ITV: love will not save you

* European shares edge up* STOXX 600 to hold to records in Q4- Reuters poll* Markets await Powell's speech on Friday* German business morale falls in August* Elekta shares slide after resultsAug 25 - Welcome to the home for real-time coverage of mar...

Read more
25 Aug 2021 09:07

LONDON MARKET OPEN: Just Eat to create UK jobs amid FTSE 100 removal

LONDON MARKET OPEN: Just Eat to create UK jobs amid FTSE 100 removal

Read more
24 Aug 2021 18:16

Morrisons bidding war could boost grocer back into FTSE 100 index

Morrisons bidding war could boost grocer back into FTSE 100 index

Read more
19 Aug 2021 17:06

LONDON MARKET CLOSE: Stocks sink as US Fed opens door to tapering

LONDON MARKET CLOSE: Stocks sink as US Fed opens door to tapering

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.