LONDON (dpa-AFX) - British engineering business Weir Group Plc (WEIR.L) reported Tuesday that its first-half profit before tax was 147 million pounds, same as last year.
On a continuing operations basis, profit after tax climbed 21 percent to 78 million pounds from 64 million pounds last year. Meanwhile, earnings per share from continuing operations dropped 11 percent to 42.2 pence.
Including discontinued operations, profit after tax declined 21 percent to 53 million pounds from 67 million pounds a year ago. Earnings per share dropped 30 percent to 20.3 pence.
Operating profit grew 5 percent to 172 million pounds, in line with our expectations.
Revenue for the period climbed 25 percent to 1.33 billion pounds from prior year's 1.07 billion pounds. Revenues grew 22 percent at constant currency rates, but declined 4 percent on a like-for-like basis.
Orders were 1.42 billion pounds, compared to 1.21 billion pounds a year ago. Orders climbed 17 percent at constant currency, but fell 7 percent on a like-for-like basis.
Looking ahead for fiscal year, the company continues to expect another year of good constant currency revenue and profit growth. Oil & Gas operating profit is now expected to be toward the lower end of its previous 55 million pounds to 95 million pounds range.
Copyright RTT News/dpa-AFX