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Weir Group PLC (WEIR.L)

WEIR.L on London Stock Exchange

2,020.00GBp
21 Feb 2018
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Latest Key Developments (Source: Significant Developments)

Weir Group gives ‍preliminary assessment of impact of US tax reform legislation
Thursday, 11 Jan 2018 02:30am EST 

Jan 11 (Reuters) - Weir Group Plc ::‍PRELIMINARY ASSESSMENT OF IMPACT OF US TAX REFORM LEGISLATION​.‍NOTES RECENTLY ENACTED TAX CUTS AND JOBS ACT (ACT), WHICH CAME INTO EFFECT ON 1 JANUARY 2018​.MEASURES INCLUDED IN ACT ARE LIKELY TO GIVE RISE TO INITIAL ONE-OFF NON-CASH TAX CREDIT IN 2017.FROM 2018 FAVOURABLE IMPACT OF HEADLINE FEDERAL RATE REDUCTION IS LIKELY TO BE LARGELY OFFSET BY GREATER RESTRICTION ON LEVEL OF INTEREST DEDUCTION ALLOWED IN US​.  Full Article

Weir says Q3 ‍oil & gas orders up 59 pct
Tuesday, 31 Oct 2017 03:00am EDT 

Oct 31 (Reuters) - Weir Group Plc ::WEIR GROUP PLC - Q3 ‍OIL & GAS ORDERS INCREASED 59% LEVERAGING DIVISION'S MARKET LEADING PRESSURE PUMPING POSITION​.WEIR GROUP PLC - ‍WE ANTICIPATE STRONG GROWTH IN FULL YEAR CONSTANT CURRENCY REVENUES AND PROFITS​.WEIR GROUP PLC - ‍Q3 ORDERS WERE 21% HIGHER THAN PRIOR YEAR PERIOD​.WEIR GROUP PLC - ‍NET DEBT AT 30 SEPTEMBER 2017 WAS HIGHER THAN THAT REPORTED AT 30 JUNE 2017 BUT IN LINE WITH NORMAL SEASONAL PATTERNS​.  Full Article

Weir appoints Mark Claffey as U.S. president of valves & controls business
Friday, 22 Sep 2017 09:52am EDT 

Sept 22 (Reuters) - WEIR GROUP PLC ::‍APPOINTMENT OF MARK CLAFFEY AS PRESIDENT OF WEIR VALVES & CONTROLS USA INC​.‍CLAFFEY HAS BEEN WITH WEIR SINCE AUGUST 2013, AND HAS MOST RECENTLY BEEN ACTING AS INTERIM PRESIDENT SINCE FEBRUARY 2017​.  Full Article

Akastor completes sale of KOP Surface Products to Weir Group
Friday, 28 Jul 2017 01:00am EDT 

July 28 (Reuters) - Akastor Asa ::Akastor completes sale of Kop Surface Products to the Weir Group Plc.All closing conditions have been fulfilled. The closing of the transaction took place on July 27, 2017 according to the terms and conditions described in the release from June 12 nASN0007QC.The transaction will generate an estimated accounting gain of approximately NOK 700 million to Akastor to be recognized in the third quarter results.  Full Article

Weir Group H1 order input up 20 pct on North America oil recovery
Thursday, 27 Jul 2017 02:00am EDT 

July 27 (Reuters) - WEIR GROUP PLC ::INTERIM DIVIDEND 15 PENCEPER SHARE.INTERIM RESULTS FOR SIX MONTHS UP TO 30 JUNE 2017.ACCELERATED RECOVERY IN NORTH AMERICAN OIL AND GAS REFLECTED IN UPDATED FULL YEAR OUTLOOK.HY ORDER INPUT AT £1,199M (2016: £1,000M) INCREASED 20% ON A CONSTANT CURRENCY BASIS PRIMARILY DUE TO STRONG UPTURN IN NORTH AMERICAN OIL AND GAS MARKETS.HY REVENUE OF £1,091M (2016: £866M) INCREASED 26% ON A REPORTED BASIS REFLECTING BOTH RECOVERY IN NORTH AMERICAN OIL & GAS.HY REVENUE UP 26 PERCENT TO £1,091 MILLION.HY DIVIDEND PER SHARE OF 15.0P.NET DEBT AT PERIOD END £869 MILLION.  Full Article

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 expects FY operating profit to be lower than estimates

Oct 31 Weir Group Plc, a maker of pipes and valves for mining and energy industries, said full-year operating profit was expected to be slightly lower than previously anticipated due to higher costs and investments in its mining business.