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Weir Group PLC (WEIR.L)

WEIR.L on London Stock Exchange

21 Jul 2017
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-11.00 (-0.58%)
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Latest Key Developments (Source: Significant Developments)

Weir sees strong FY constant currency revenue and profit growth
Monday, 17 Jul 2017 02:00am EDT 

July 17 (Reuters) - Weir Group Plc :Announces an update to its full year guidance for 2017.Updated outlook for group's full year performance is now for strong constant currency revenue and profit growth.As previously indicated, profits will be weighted to second half of year.  Full Article

Weir says upstream North American markets have recovered more strongly than anticipated​
Monday, 17 Jul 2017 02:00am EDT 

July 17 (Reuters) - Weir Group Plc :‍in recent weeks, upstream north american markets have recovered more strongly than formerly anticipated.‍updated outlook for group's full year performance is now for strong constant currency revenue and profit growth.‍Division expected to deliver low-teens oper margins through H2, sees FY revenues and oper profits above upper end of analysts' estimates.Higher levels of frack fleet utilisation and significant tightening of industry capacity are both benefiting group's oil & gas division​​.  Full Article

Akastor to sell KPO Surface to Weir for $114 mln
Monday, 12 Jun 2017 02:00am EDT 

June 12 (Reuters) - Akastor Asa :Agrees to sell KOP Surface Products to the Weir Group plc.Definitive agreement to sell kop surface products ("kop") to weir group plc ("weir") (lon:weir) for usd 114 million on a debt- and cash-free basis.Transaction will generate an estimated accounting gain of approximately nok 700 million to akastor to be recognized upon closing, expected to occur in q3 2017.Completion of transaction is subject to customary closing conditions. Ba-Hr lawfirm has acted as legal advisor.KOP is headquartered in Singapore and is a supplier of surface wellheads, trees, valves and actuators to the oil and gas industry.  Full Article

Weir says to buy oil & gas tech provider KOP Surface for $114 mln ​
Monday, 12 Jun 2017 02:00am EDT 

June 12 (Reuters) - Weir Group Plc ::‍Weir acquires leading oil and gas technology provider kop surface products . Acquisition of KOP 1 for c.us$114m (£89m 2 )​.Acquires leading oil and gas technology provider KOP Surface Products for c.us$114m.‍Full Year expectations unchanged with profits h2 weighted as previously indicated​.‍Integration costs are expected to total us$2m and generate run rate annual cost and procurement synergies of c.us$2m by end of that period​.‍completion is subject to fulfilment of certain conditions and is anticipated to take place in q3 2017​.Deal to be ‍funded through issue of new ordinary shares equivalent to approximately 2% of issued capital.Order input trends in April and May were in line with expectations and the Group's full year guidance for 2017 is unchanged​.  Full Article

Weir Group says full year profits to be in line expectations
Thursday, 27 Apr 2017 02:14am EDT 

April 27 (Reuters) - Weir Group Plc ::Weir group plc interim management statement for period to 26 april 2017.Full-Year profits anticipated to be in line with current market expectation.Q1 order input grew 15%.Q1 minerals aftermarket orders increased 13%; original equipment was up 4%.Q1 oil & gas orders rose 50% driven by significant growth in north america.Q1 flow control orders fell 11%; downstream and power markets continued to be challenging.Net debt at 31 March 2017 was higher than that reported at 31 december 2016.Q1 revenues, on a constant currency basis, were in line with expectations and slightly higher than q1 of 2016.Says group remains confident of delivering strong underlying cash generation in 2017.Assuming oil prices remain at or above current levels, see strong increase in constant currency divisional revenues slightly ahead of prior guidance.  Full Article

Weir Group appoints Geetha Dabir CTO
Wednesday, 22 Feb 2017 02:05am EST 

Weir Group Plc : appointment of chief technology officer .Appointed Geetha Dabir to its group executive in new position of chief technology officer..  Full Article

Weir Group to relocate Delta Industrial valves manufacturing ops to Missouri
Monday, 23 Jan 2017 03:56am EST 

Weir Group Plc : Has decided to relocate its delta industrial™ valves manufacturing operations to an existing manufacturing facility in st, louis, missouri . Decision to move was necessitated by substantial expansion plans of delta industrial valves over next two years . Relocation will enable development and enhancement of product line to better serve industries in which it operates .Move will commence in june, 2017.  Full Article

Weir names insider John Heasley as new CFO
Monday, 3 Oct 2016 02:01am EDT 

Weir Group Plc :John heasley appointed weir group chief financial officer.  Full Article

Weir Group H1 profit befor tax down 25 pct
Thursday, 28 Jul 2016 02:43am EDT 

Weir Group Plc : Weir group plc today reports its interim results for six months up to 30 june 2016. . First half performance ahead of market expectations . Oil & gas remains cash generative but margins below break-even, reflecting tough market conditions. . Group-Wide £50m of annualised cost reductions announced in 2016 on track: . cumulative annualised savings of £160m since q4 2014. . Up to £100m asset disposal programme progressing to plan: £46m achieved by end of july . Board changes: keith cochrane to be succeeded as ceo by jon stanton from 1 october 2016 . Our full year guidance for a reduction in constant currency group operating profits is unchanged . First half performance ahead of market expectations, constant currency full year guidance unchanged. . Robust minerals performance: margins and profits up; record quarterly aftermarket revenues in q2. . Improved flow control: margins and profits up, benefiting from strong cost control. . Net debt/ebitda(2) of 2.8x, expected to fall during h2 despite forex movements. .Substantial progress in innovation agenda: £38m in revenues from new products..  Full Article

Weir names Jon Stanton as chief executive designate
Thursday, 28 Jul 2016 02:00am EDT 

Weir Group Plc : Appointment of Jon Stanton as chief executive designate, succeeding Keith Cochrane with effect from 1 october 2016 .Jon Stanton to succeed Keith Cochrane as chief executive of Weir Group Plc.  Full Article

European shares steady after touching 3-week high; Weir Group, Telenor lead

* Miners rally as China GDP strong (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)