WEIR Group has this morning declared that it is well positioned to capitalise on the drive to net zero as it reaffirmed its guidance for revenue and margin expansion this year.
The Glasgow engineering giant reported that orders, revenue, and margins had grown in the first quarter amid strong demand for equipment from miners across the world. It saw growth of 22 per cent for original equipment orders, with after-market orders flat – in line with expectations.
Weir, which employs around 12,000 people in more than 60 countries, reiterated that it was on track to deliver its target of 17% margin growth in 2023.
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Chief executive Jon Stanton said: “The value creation opportunity for Weir is compelling. The mining industry needs to produce more critical metals to support the transition to net zero and must extract these in a more sustainable way. Our leading global brands, engineering capability and technology-led strategy means we are well placed to capitalise.
“This opportunity, together with our Performance Excellence programme, underpins our growth, margin expansion and cash conversion targets. Our strong execution and order book growth in the first quarter reinforces our confidence in achieving our 2023 guidance.
"We are on track to deliver another year of growth in revenues and our operating margin target of 17%.”
Shares in Weir dipped in early trading, and at 10.30am were down around 2% ar 1,856p.
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