Weir ‘resilience’ as H1 revenue falls 18% to £1bn

Glasgow-based global mining, oil and engineering giant Weir Group talked up its “resilience” on Wednesday as it reported that revenue fell 18% to £1.095 billion in the six months to June 30 and profit before tax fell 41% to £63 million.

Weir said it is too early to provide guidance for the full year given the ongoing uncertainty of the coronavirus crisis. 

Weir Group shares have staged a recovery from a low of around £6.66p in late March to trade around £12.08 on Wednesday.

Weir Group CEO Jon Stanton said: “Our performance in these unprecedented times has reaffirmed the fundamental strength of Weir.

“Across the group, we adapted quickly to the challenges of Covid-19, putting the safety of our people and communities first, while also fully supporting our customers.

“Our core mining technology businesses showed their inherent resilience and the critical role they play in keeping essential activities running. 

“Our Oil & Gas team also skilfully navigated extremely challenging market conditions.

“As we look ahead, while the business is performing well, it is too early to provide guidance on the full year given ongoing uncertainty due to Covid-19. 

“More broadly, the long-term outlook for mining remains positive, supported by demographic trends, carbon transition, the long-term decline in ore grades and the need to reduce waste and water and energy consumption. 

“Weir is ideally placed to help make our mining customers’ operations smarter, more efficient and sustainable and we look forward to unlocking more of these opportunities in the future.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.