Weir Group Posts Upbeat Quarterly Results
Tuesday, November 10, 2009
During the
third quarter, the Weir Group has continued to perform well despite ongoing
trading uncertainties in many of its markets. As expected revenue was adversely
impacted by first half input trends, although operating results benefited from
a greater proportion of aftermarket sales, the realignment of the cost base at
a number of operations and a continued positive foreign currency translation
effect.
The Power
& Industrial division continues to perform well with order input1 for the
39 weeks down 10% compared to the same period in 2008 (H12: -21%) following a
good level of power orders in the quarter from China and first input recognized
on the 15 year Canadian Naval Engineering contract. Across the division, power
enquiry levels continue to be strong, although the industrial markets remain
sluggish. More…
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