Operational excellence helps Weir to record results
The Weir Group says that its repositioning as a leading global engineering solutions provider, focused on the mining, oil & gas and power markets, together with a growing emerging market presence and continued commitment to operational excellence, has contributed to record results.
During 2010, order input was up 39% at £1.9bn, revenue rose 18% to £1.6bn, while pre-tax profit climbed 58% to £295m.
Keith Cochrane, chief executive, commented: "Weir delivered an exceptional performance in 2010, demonstrating great agility in responding to improving conditions in our upstream oil and gas and mining markets.
"During the year we made good progress in moving forward our strategic agenda, including five acquisitions which broaden our product portfolio and further increase our exposure to high-growth emerging markets. The Group is well on track to achieve its ambition to double 2009 profits by 2014.
"Weir enters 2011 in excellent financial health, with a record order book, a clear strategy and plans to drive future growth. We are confident the Group will deliver good progress this year."
