Weir Group Q1 revenues 'stable'
Mining technology firm Weir Group said on Thursday that first-quarter revenues were stable, leading the company to note that full-year profit growth looked set to be in line with market expectations.
While Weir didn't provide a concrete number when it came to revenues it did say that group orders throughout the first three months of the year had risen 11%, predominately due to a 67% jump in original equipment orders during the quarter.
Weir also highlighted that conditions in mining markets had improved in the first quarter, bolstered by commodity prices almost reaching multi-year highs, with demand hitting its highest points in North America, Central Asia and Africa.
The AIM-listed company said its pipeline and bid conversion rate was developing positively but also noted that aftermarket orders were down 2% year-on-year, due to ongoing Covid-19 disruptions to ore production.
Chief executive Jon Stanton said: "The group has had a good start to the year against the backdrop of ongoing Covid challenges. As expected, conditions continued to improve in both mining and infrastructure markets reflecting increasing customer confidence in a broad-based economic recovery and near-record prices for commodities essential to growth and carbon transition."
"Looking to the full year, we continue to expect to deliver growth in full-year constant currency profits in line with current market expectations.
As of 0840 BST, Weir shares were up 1.11% at 1,963.50p.