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

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