Jon Stanton – CEO of Weir Group

The Scottish engineering firm has raised its interim dividend and upgraded its full-year operating margin guidance.

Statutory profit attributable to shareholders fell to £112.5 million from £116.9m in the same period last year. This was attributed to a slight decline in revenues, which decreased to £1.19 billion from £1.21bn.

However, on an adjusted basis, pre-tax profit from continuing operations climbed 10% to £212.6m.

Jon Stanton, Weir CEO, said: “Our strong performance in the first half of this year demonstrates our leadership in mining technology and the unique capabilities of our business model.

“We have made significant strategic progress, strengthening our position in digital solutions with the purchase of Micromine, and enhancing our presence in North America with our agreement to acquire Townley.

“Mining markets are strong, particularly copper and gold, and customers are choosing Weir to provide the novel, mission critical solutions they need to scale up and clean up their operations. Our businesses are focused, and with a continuous improvement mindset, driving excellent operational execution and mitigating any impacts of US tariffs.”

Mr Stanton added: “As we look to the full year, I am excited by the opportunities that lie ahead to support the urgent need for the minerals essential for a sustainable future.

“We are deepening relationships with our customers and bringing the full breadth of Weir’s capabilities to accelerate the path for smart, efficient and sustainable mining.

“Our Performance Excellence programme continues at pace, underpinning delivery of sector-leading margins and cash. Taken together, we are on track to deliver our full year guidance for growth in revenue, upgrade our operating profit margin to c. 20%, all while maintaining strong cash conversion.”

Reflecting its confidence, the board approved a 9% increase in the interim dividend to 19.6 pence per share.