Weir Group publishes results as markets show recovery

The Weir Group PLC announced full year results for the period ended 31 December 2016. There was 10% order growth in Q4 as mining and oil and gas markets showed signs of recovery. The results suggested that minerals revenues and profits  has increased; consistently outperforming its markets. Although upstream North American oil and gas markets troughed in Q2; division returned to breakeven in Q4. Also, flow control margins were relatively stable in challenging downstream markets.  Full year PBTA of GBP 170M was impacted by severe oil and gas market downturn. There was a reported PAT from continuing operations of GBP 43M after GBP 74M of exceptional items. There is a continued strong cash generation. The group-wide free cash flow of GBP 130M. The Weir Group announced that strategic investment of GBP 15M in people and technology is planned for 2017.

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