(Alliance News) - Weir Group PLC on Thursday said it has seen an increase in orders during the first quarter against the backdrop of continued challenges caused by the Covid-19 pandemic.
The Glasgow-based mining technology company reported an increase in orders from continuing operations of 11% in the first quarter, with a 67% increase in original equipment orders and a 2% decrease in aftermarket orders. The decrease reflects the residual Covid disruption to ore production, it said.
Weir said pipeline and bid conversion were developing "positively", having received a GBP36 million order in the first quarter for energy-saving high-pressure grinding rolls and screens and a GBP32 million order in April for electric-powered mine de-watering pumps.
"As expected, conditions continued to improve in both mining and infrastructure markets, reflecting increasing customer confidence in a broad-based economic recovery and near record prices for commodities essential to growth and carbon transition. This was reflected in continued positive development in our project pipeline and improving order conversion of our early cycle product lines and technologies that deliver significant sustainability benefits," said Chief Executive Jon Stanton.
Looking ahead, Weir said it continues to expect to deliver growth in full-year constant currency profits, in line with current market expectations.
Shares in Weir were up 2.0% at 1,981.50 pence in London on Thursday.
By Zoe Wickens; zoewickens@alliancenews.com
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Weir Group (WEIR)