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(Alliance News) - Weir Group PLC on Wednesday reported a strong performance in the third quarter of 2022, with increasing orders and revenue growth despite the mitigating impacts of inflation.
The Glasgow-based engineering company noted "very strong" demand for its mining equipment and spares across all regions, though it pointed to particular strength in South America.
Orders were up 19% against the previous year in the three months to September 30. Original equipment orders were up 13%, while aftermarket orders were up 25%.
"Demand for our aftermarket spares was particularly strong, reflecting the highly resilient nature of our business, as miners continue to maximise ore production," commented Chief Executive Jon Stanton.
In original equipment, demand was primarily driven by orders to de-bottleneck or expand existing mines, the firm explained. This included GBP16 million of orders for pumps for high-grade nickel applications in Indonesia, and a GBP12 million order for pumps and cyclones in Uzbekistan.
Looking to the final quarter, Weir said that supply chain challenges were easing amid strong operating momentum and a record order book. It added that mining markets were "strong" and their long-term fundamentals were "highly attractive."
Weir kept its full-year guidance unchanged, with the firm anticipating "strong growth" in 2022 constant currency revenue and profit.
Shares in Weir Group were up 0.6% at 1,601.00 pence on Wednesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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