Wednesday May 7, 08:12 AM
Weir confident of achieving profit target
LONDON (ShareCast) - Engineer Weir said it is confident of achieving its targeted pre-tax profit figure thanks to growth in input and revenue in the first quarter. The group said its strong start to the year increases its confidence of
meeting pre-tax profit of £140m.It said its financial performance remained strong with growth in input and revenue in the first quarter reflecting continued buoyant market conditions across the mining, oil & gas and power sectors. "The ongoing strength of the group's end markets, combined with the addition of SPM, has resulted in improved operating margins when compared with the same period in 2007," it said. Net debt at 31 March 2008 was higher than the position at 28 December 2007, primarily as a result of the acquisition of CH Warman.
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