Glasgow-based global engineering and mining giant Weir Group published a trading update for the first quarter ended March31, 2023, and reported growth in its order book.
Weir reiterated its guidance for 2023 and said it expects to deliver growth in constant currency revenue, profit and operating margin.
“We are on track to deliver our target of 17% operating margin in 2023 …” said Weir.
“Further out, the long-term fundamentals for mining and our business are highly attractive, underpinned by decarbonisation, GDP growth and the transition to sustainable mining.
“We have a clear strategy to grow ahead of our markets, with specific growth initiatives underpinning our ambition to deliver through-cycle mid-to-high single digit percentage revenue growth.”
Weir CEO 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%.”