(Alliance News) - Weir Group PLC on Wednesday reiterated its full-year guidance on some "good" progress during the third quarter of 2023.
Weir Group also said its chief financial officer will be joining fellow-FTSE 100's Anglo American PLC as its new finance director.
Weir Group is a London-based speciality chemicals and sustainable technology firm. Anglo American is a London-based mining company.
Weir Group said that it has made "good" progress during the third quarter of 2023.
It noted that its performance was in line with company expectations, with revenue and operating margins up year-on-year.
Looking ahead, Weir Group reiterated its full-year guidance.
It expects "strong growth" in constant currency revenue and operating profit, and said it is "on track" to deliver its operating margin target of 17%.
Looking further ahead, Weir warned that "there are complexities in the macroeconomic and geopolitical environment", however it noted that ore production trends in mining continue to be strong.
"Our third quarter performance is in line with our expectations. We capitalised on high levels of activity in our mining markets, growing mining aftermarket orders, maintaining good momentum in original equipment and expanding our installed base to support future aftermarket growth," said Chief Executive Jon Stanton.
"Going into the fourth quarter, we have a strong order book and operating momentum. These, coupled with high levels of activity in our mining markets, give us significant confidence in reiterating our 2023 guidance of strong growth in constant currency revenue and operating profit, and in meeting our margin and cash conversion targets."
Separately, Weir Group announced the appointment of Brian Puffer as its new chief financial officer and executive director.
It said Puffer will join the firm on April 1, at the latest.
He is currently chief financial & risk officer of BP PLC Integrated Supply and Trading.
Puffer will succeed John Heasley, who will be leaving Weir to take up a new role as finance director of Anglo American PLC.
Heasley will step down as CFO on November 30, and join Anglo American a day later. He announced his resignation back in July.
Anglo American's Stephen Pearce, who has served as finance director since April 2017, will step down from the board on the same date.
Pearce has agreed to remain employed by Anglo American until February 29 to "continue to support the transition."
Chair Barbara Jeremiah said: "The board is delighted to appoint Brian as the group's new CFO. He is an accomplished finance leader and with his broad experience, he will be a valuable asset to Weir."
Shares in Weir were down 0.6% to 1,697.00 pence each in London on Wednesday morning. Anglo American shares dropped 0.6% to 2,084.50p each.
By Sophie Rose, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Weir Group (WEIR)
Anglo American (AAL)