Weir pumps up strong performance

Chief executive Keith Cochrane said: "In a difficult global economic environment the Weir Group has again performed strongly in 2009, delivering an exceptional cash performance and making good progress against our key priorities. "We have an excellent platform for growth and a clear strategy to extend the Group's presence in three attractive markets with positive long-term fundamentals. "As we enter 2010 the Group is in robust financial health and well placed to capitalise on market opportunities. Although the pace and timing of global economic recovery remains uncertain and forward visibility limited, we are now targeting a broadly similar level of profitability to that achieved in 2009." Highlights for the year included a resilient aftermarket which contributed 54% of the Group's revenues; a record operating profit benefiting from positive currency effect; better margins benefiting from a stronger aftermarket and cost management; a halving of debt during the year; and the stabilisation of order input for its minerals business. Weir said that although the pace and timing of global economic recovery remained uncertain, it had upgraded its 2010 expectations and was now targeting a broadly similar level of profitability to that achieved in 2009. The immediate priority for 2010 was to extend operational excellence beyond the factory floor. Group revenue for the year was up 3% to £1.4 billion (£1.35bn) while pre-tax profit rose 6% to £187 million (£176m).