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Weir Reports 2009 Interim Financial Results

Monday, August 10, 2009  
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THE WEIR GROUP PLC PRELIMINARY RESULTS 20The Weir Power & Industrial Division supplies critical safety valves to the power generation markets where enquiry levels and government approvals continue to be strong and the low-cost Chinese business is being used to grow competitiveness and increase margins. The global network of service operations specializes in the maintenance, upgrade and management of power and industrial assets.

First half order input fell 21% to £139m (2008: £176m) reflecting the exceptional level of Chinese nuclear orders and a Libyan power station upgrade booked in the first half of 2008.

Revenue increased 5% to £117m (2008: £112m) with good levels of growth from the power markets in China, Europe and North America offsetting slower market conditions in the general industrial sector, particularly in Canada. Operating profit increased 12% to £8.3m (2008: £7.4m) and margins increased to 7.1% against 6.6% in the same period in 2008. More…

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