Pump maker Weir posts higher profit |
|
|
Published
:
Tue, 21 Mar 2006 13:25
|
LONDON: Industrial pump maker Weir Group Plc. has its full year pretax profits rise 11.2 per cent after the company underwent a restructuring and secured increased orders.
The company's profit before tax and restructuring costs for 2005 stood at 62.2 million pounds compared with 55.9 million pounds in the previous year on revenue of 789.4 million pounds, up 14.4 per cent.
The company, which makes pumps with applications in mineral, sewage, oil and seawater sectors, said its financial condition is sound, its order books have improved for the year and it has greater visibility in important markets.
The company expected the year ahead to be showing improved performance provided there are no adverse movements in foreign exchange rates.
Profit at its engineering services unit fell due to lower business volumes and higher costs. Earnings at its defence, nuclear & gas division rose with new orders from Korean shipbuilders and onshore storage work in the Middle East.
The company has successfully integrated Gabbioneta, the Italian pump business it acquired. It has sold of its Techna water treatment business.
Chairman Sir Robert Smith said the benefits of restructuring activities, strong end markets and continued operational improvement have provided a platform for further improvements.
The company's finance director Chris Rickard is leaving and is being replaced by Keith Cochrane, former chief executive of Stagecoach Group and director of Scottish Power.
The company is upbeat about the prospects of its valves & controls business. It is also expecting growth from the investments made in China and the Middle East.
Weir has decided to increase its dividend by 3.1 per cent to 13.2 pence per share.
The company's shares fell 2.9 per cent to 435 pence.
|
|
|
|
|
|
Print this Story
Weir announces £50 million share buy-back 