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(Sharecast News) - Engineering company Weir said on Thursday that it had delivered both "order growth and strong execution" in the first quarter, with its margin expansion programme said to be on track.
Weir stated group orders in the quarter were up 4%, with original equipment orders 22% higher, while after-market orders were flat against a prior year comparator which was a peak quarter for infrastructure.
Quarterly revenues and operating margins both grew in the three months ended 31 March, with the company telling investors that it was on track to deliver its target of 17% operating margins in 2023.
Minerals after-market orders were 5% higher, thanks to positive mining production trends and installed base growth, while ESCO total orders were down 6%, reflecting infrastructure markets and Q1 2022 pre-buy.
Chief executive Jon Stanton said: "The value creation opportunity for Weir is compelling. The mining industry needs to produce more critical metals to support the transition to net zero, and must extract these in a more sustainable way. Our leading global brands, engineering capability, and technology-led strategy means we are well placed to capitalise. This opportunity, together with our Performance Excellence programme, underpins our growth, margin expansion, and cash conversion targets.
"Our strong execution and order book growth in the first quarter reinforces our confidence in achieving our 2023 guidance. We are on track to deliver another year of growth in revenues and our operating margin target of 17%."
As of 0815 BST, Weir shares were down 2.41% at 1,847.34p.
Reporting by Iain Gilbert at Sharecast.com
