Weir Group 2022 Pre-tax Income Rises; Lifts Annual Dividend

Weir Group Plc (WEIR.L), a Scottish engineering firm, on Wednesday reported a rise in pre-tax profit for 2022, with an increase in revenue, as order activity remained strong during the year. However, the company’s statutory profit moved down in the absence of last year’s gain from discontinued operations.

For the 12-month period to December 31, 2022, the Glasgow-headquartered firm posted a pre-tax earnings from continuing operations of 260.2 million pounds, higher than 209.5 million pounds of 2021.

Excluding items, pre-tax profit from continuing operations was at 347.5 million pounds, compared with last year’s 249.1 million pounds.

Profit after tax stood at 214 million pounds or 82 pence per share, as against 259 million pounds or 99 pence per share last year, where the company had a gain from discontinued operations of 103 million pounds.

Adjusted post-tax income moved up to 256.2 million pounds from previous year’s 183.1 million pounds.

Operating income for the year was at 307.5 million pounds, versus 256.6 million pounds a year ago. Excluding items, operating earnings were at 394.8 million pounds, compared with 296.2 million pounds of 2021.

For the full year, revenues were at 2.472 billion pounds, higher than 1.933 billion pounds a year ago. While mining represented 60 percent of revenues, infrastructure was 28 percent.

The Group will pay a final dividend of 19.3 pence per share, this brings total full year dividend to 32.8 pence per share, higher than last year’s 23.8 pence per share.

Looking ahead, the company said, it expects to deliver growth in constant currency revenue, profit and operating margin in 2023.

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