Weir Group's Revenue, Operating Profit Up in 2008
Wednesday, March 11, 2009
Weir's 2008 order input at £1,439m was 30% above the prior year period (2007: £1,110m) reflecting like for like growth of 22%, a full year contribution from SPM and first time contributions from Warman, Mesa and Standard Oilfield Services, all acquired during the year. Each of the core businesses delivered good growth. Revenues from continuing operations increased 34% to £1,354m (2007: £1,009m) with like for like growth on a constant currency basis of 17% adding significantly to a £79m currency translation benefit in the year.
The order output at Weir Power & Industrial Division, which includes the Group's valve operations, grew 29% to £271m (2007: £211m) with 44% related to original equipment, 10% to spares and 46% to service activities. The Power sector made excellent progress increasing to £150m against £86m in 2007. Revenue increased 11% to £223m (2007: £201m) with significant growth in the power markets in China, North America and the UK. Operating profit increased 34% to £18.0m (2007: £13.4m) while margins increased to 8.1% against 6.7% in 2007. More…
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