In an interim management statement for the period
The engineering firm said that it expects the currency headwinds to be greater in the first-half, resulting in full-year reported revenue and profit being weighted more towards the second-half.
Weir said that its performance in the first quarter was buoyed by higher underlying activity levels as it entered 2014, particularly in its Oil & Gas and Power & Industrial divisions. First quarter input was 7% higher than the previous year, it said, 1% up on the fourth quarter of 2013. Original equipment orders were down 2% and aftermarket orders were up 13% against the prior year period.
Operating margins were broadly in line the previous comparative period, said the company.
On a divisional basis, in Minerals, order input for the 13 weeks was down 7% against the prior year comparator which contained a number of material brownfield orders. Original equipment input was down 27% on the previous year, which the firm said reflects ongoing weakness in mining end market conditions and the absence of any large orders in the first quarter.
Oil & Gas order input came in ahead of expectations, up 33% on the year before, said Weir. Original equipment and aftermarket orders were up 33% on the first quarter of 2013 - the low point of the upstream cycle. On a sequential basis, input was 9% higher than the fourth quarter of 2013, said the firm.
In the Power & Industrial business, order input for the 13 weeks was up 5% on the previous year. Original equipment input was up 19% and was offset by a 9% decline in aftermarket orders.
In April, the firm said it was considering its options after making a takeover approach for Finish firm
Weir cited the approach a merger proposal, buts its shareholders would hold the vast majority of the combination under its initial proposal. After becoming public knowledge
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