LONDON (dpa-AFX) - Weir Group plc (WEIR.L), on Wednesday, issued trading update for the third-quarter ended 30 September 2022, and reported significant increase in orders and sequential revenue growth, while mitigating the impacts of inflation.
The company stated that demand for its aftermarket spares was particularly strong, reflecting the highly resilient nature of its business, as miners continue to maximise ore production. The company has also made good progress on its strategic growth initiatives, with increasing customer demand for digital offerings and solutions for more sustainable mining.
Group orders in the quarter were up 19%, with 21% growth in AM orders and 12% rise in OE orders. The Group's book-to-bill was 1.02, reflecting growth in orders across both divisions and strong operational execution.
Jon Stanton, Chief Executive Officer, said, 'Moving into the fourth quarter, supply chain challenges are easing, we have strong operating momentum and a record order book. Our FY22 guidance for strong revenue and profit growth, operating margin expansion and 80-90% free operating cash conversion is unchanged.'
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