Weir share price: Group releases full-year results

The Weir Group (LON:WEIR) has this morning published its full-year results for the 52 week period ended 2 January 2015.

**Highlights from the company’s statement include:**
According to the Weir’s summary statement: Overall, in a challenging year, both order input and revenue on a constant currency basis increased by nine percent, with each quarter ahead of the prior year comparator. On a reported basis, revenues were flat in the face of a £185m foreign exchange headwind. Aftermarket input rose 14 percent and increased to 67 percent of orders from 64 percent last year. In constant currency terms, operating margins declined 70bps while profit before tax of £409m was up 7%, supported by a record second half performance.

The group recorded a 14 percent increase in aftermarket orders and revenues. Aftermarket 67 percent of orders, up from 64 percent during the previous year. Comminution and premium fluid end input of £105 million. Research & Development up 15 percent. Weir achieved £46 million in procurement savings last year. Additional Oil & Gas measures include a 22 percent reduction in the division’s North American workforce.

Keith Cochrane, Chief Executive at Weir, commented: “2014 demonstrated the strength of Weir’s strategy and aftermarket-focused business model as we captured good growth opportunities in fast changing markets. Significant progress was made in developing new products, working in partnership with customers, expanding into new markets through the acquisition of Trio, and streamlining our operations to maintain cost competitiveness.”
“In terms of outlook for 2015, we will continue to make progress in delivering our strategy while responding to market conditions as they evolve. The Group has already acted following steep price declines in key commodities, particularly oil, taking additional measures to reduce operating costs.”
As of 07:24 GMT, Wednesday, 25 February, The Weir Group PLC share price is 1,863.00p.