Weir Group 2013 Interim Report (PDF, 0.59 MB) - The Weir Group

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Chief Executive’s CommentWeir has delivered a first halfperformance in line with ourexpectations, despite challengingmarket conditions. The Group hascontinued to focus on operationalimprovements and investment in itsgrowth platform, positioning Weirto take full advantage of the rangeof opportunities we see across ourend markets in the second half ofthe year.We anticipate good sequentialrevenue and profit growth in thesecond half, assuming a continuedrecovery in upstream Oil & Gas andno further deterioration, or projectdelays, in our mining end markets.As a result, we remain on track tomeet our full year expectations andcontinue to expect to deliver lowsingle digit revenue growth andbroadly stable margins on 2012.Keith CochraneChief Executive30 July 20132 The Weir Group PLC Interim Report 2013
General OverviewOverall Group first half results were in line withexpectations, with the mix of revenues and profits inthe half demonstrating the value of portfolio diversity.The Minerals division first half orders were slightly loweryear on year but materially higher than the second halfof 2012. Original equipment orders were up sequentiallyquarter on quarter with good brownfield and plantoptimisation project activity somewhat offsetting theexpected slowdown in new greenfield projects. Ordersand sales of the broader product portfolio grew, alongsidecontinuing productivity and procurement initiatives whichsupported a divisional margin ahead of prior expectationsand demonstrated good year on year growth.Despite a decline in North American rig count during theperiod, the Oil & Gas division delivered a performance inline with expectations. Lower original equipment pressurepumping sales were partially offset by a positive firstcontribution from Mathena and a second quarter ofprogressive improvement in aftermarket activity.Strategic momentum in the Power & Industrial divisioncontinued with good underlying valves growth inemerging markets. Overall input was down againsta prior year period containing substantial one-offcontracts. The division continued to invest in capacityand operational initiatives to support the expectedhigher second half activity levels.Value chain excellence initiatives supported profitabilityacross the Group, including over £15m of savings in thefirst half from procurement initiatives.Cash from Operations£183m+29%Interim dividend per share8.8p+10%£200m£175m1839p8p8.08.8£150m£125m1291417p6p7.22011 H1 2012 H1 2013 H12011 2012 20133
Page 1 and 2: The Weir Group PLCInterim Report 20
Page 3: Highlights2013Results for the 26 we
Page 7 and 8: Earnings per share from continuing
Page 9 and 10: Strategic progressThe Minerals divi
Page 11 and 12: Strategic progressThe integration o
Page 13 and 14: Operational performanceOrder input
Page 15 and 16: OutlookMineralsSupported by the ope
Page 17 and 18: Consolidated Statement of Comprehen
Page 19 and 20: Consolidated Cash Flow Statementfor
Page 21 and 22: Capitalredemptionreserve£ming of t
Page 23 and 24: 2. Segment informationFor managemen
Page 25 and 26: 52 weeks ended 28 December 2012Mine
Page 27 and 28: 5. Earnings per shareBasic earnings
Page 29 and 30: 7. Property, plant & equipment & in
Page 31 and 32: 9. Interest-bearing loans and borro
Page 33 and 34: The Group enters into derivative fi
Page 35 and 36: The following tables summarise the
Page 37 and 38: Directors Statement of Responsibili
Page 39 and 40: Shareholder InformationFinancial Ca

Weir Group 2013 Interim Report (PDF, 0.59 MB) - The Weir Group

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