The Weir Group PLC, a global engineering solutions provider to the energy and natural resources industries, today reports its 2014 interim results for the period ended 4 July 2014. Download the full release.

10% order growth year on year and 9% up on H2-2013
Positive aftermarket momentum across the Group: 15% order input growth
Strong growth in upstream Oil & Gas: divisional input up 40% year on year
Adverse foreign currency exchange rate movements: £23m (11%) operating profit impact
Mining market remains challenging, margins impacted by industrial action in South Africa
New products performing well: £51m input from HPGRs and premium fluid ends
Dividend rephased: Interim up 70% to represent approximately one-third of full year dividend

Results for 26 weeks ended Continuing operations	4 July 2014	28 June 2013	Reported Growth	Constant Currency¹
Order input¹	£1,240m	£1,130m	-	+10%
Revenue	£1,144m	£1,198m	-5%	+6%
Operating profit²	£201m	£217m	-7%	+4%
Operating margin²	17.6%	18.1%	-50bps	-40bps
Profit before tax²	£182m	£193m	-6%	+7%
Cash from operations	£150m	£183m	-18%	-
Earnings per share²	61.4p	66.4p	-8%	-
Dividend per share	15.0p	8.8p	+70%	-
Net debt	£751m	£747m³	-£4m	-
Return on Capital Employed⁴	18.6%	19.3%	-	-70bps

2013 restated at 2014 average exchange rates.
Adjusted to exclude exceptional items and intangibles amortisation. Reported operating profit and profit before tax were £178m (2013: £195m) and £158m (2013: £165m) respectively. Reported earnings per share were 53.8p (2013: 56.6p).
Net debt at 3 January 2014.
Continuing operations EBIT before exceptional items (excluding Mathena and R Wales EBIT and exceptional items) divided by average net assets (excluding Mathena and R Wales net assets) excluding net debt and pension deficit (net of deferred tax asset).

¹All comparatives are on a constant currency basis, unless otherwise stated.

Keith Cochrane, Chief Executive, commented: “Weir has delivered a good underlying first half performance in line with expectations. The benefits of our diverse portfolio were evident as the impacts of previously identified downside and upside risks offset each other. Double digit growth in Oil & Gas was partially offset by challenging mining end market conditions and the impacts of prolonged industrial action in South Africa. Value Chain Excellence initiatives continued to make progress, leveraging Weir’s global scale to deliver significant savings.

“We anticipate strong revenue and profit growth in the second half of 2014, assuming no further deterioration or disruption in mining end markets. As a result we remain on track to meet our full year expectations of good constant currency revenue and profit growth with Group margins broadly in line with 2013 levels. Reported results will continue to be affected by foreign currency headwinds, which strengthened over the first half.”

Enquiries

Investors: Stephen Christie +44 (0) 7795 110456
Media: Raymond Buchanan / Ross Easton +44 (0) 7713 261447 / +44 (0) 7920 190994
Brunswick: Patrick Handley / Nina Coad +44 (0) 20 7404 5959

Investor and analyst webcast

A live webcast of the presentation to the investment community will be held at 8:30am (BST) on 31st July 2014. Participants must register by visiting weir.co.uk where there are also copies of this release and the slide presentation.