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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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