Weir Group has reported orders up 8% during the third quarter, on the back of good underlying demand, despite mine disruptions and Middle East impacts.<\/p>\n
A trading update for the three months ended 30 September showed “positive” original equipment project pipeline momentum, particularly in North and South America.<\/p>\n
Group aftermarket orders were up 10% during the period, driven by positive mine activity levels – notably gold, copper and oil sands – while minerals aftermarket orders were up by 7%, or \u00a323m, despite short-term headwinds.<\/p>\n
Group original equipment orders rose 3% on the back of continued brownfield momentum, while\u00a0ESCO original equipment fell 24%, due to the phasing of large bucket and truck body orders following a strong first half.<\/p>\n
The full-year outlook noted a “strong orderbook” backed by positive underlying demand which is expected to continue in a “supportive commodity environment”. The report noted that Weir is “actively monitoring macro and sectoral risk stemming from Middle East conflict and Chilean mine disruptions”.<\/p>\n
The group claims to be “on track to deliver in line with current market expectations for growth in constant currency revenue and operating profit”, with operating margins above 20% for the full year, along with “strong” cash conversion.<\/p>\n
The new chief executive Andrew Neilson commented: “Our performance in the third quarter reflects good underlying momentum in our core mining markets, with customers looking to maximise production in a supportive commodity environment.<\/p>\n
“In my first three months as CEO, I am encouraged by our customers\u2019 appetite to expand their partnerships with Weir across their operations to deliver the growth in production and efficiency improvements they need.<\/p>\n
“As we look to the remainder of the year, mindful of specific geopolitical events which are adding shorter-term headwinds for the sector as a whole, our current pipeline and orderbook reflects a high level of underlying demand for our products,” he continued, adding: “Our focus is now on delivering our large aftermarket backlog in the fourth quarter and we remain on track to deliver in line with current market expectations for 2026.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The group is ‘on track’ to deliver in line with current market expectations for growth in revenue and operating profit<\/p>\n","protected":false},"author":278857,"featured_media":8802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,120781],"coauthors":[137126],"class_list":["post-8801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-markets","tag-featured-story","tag-greater-glasgow"],"yoast_head":"\n