LONDON (dpa-AFX) - Weir Group plc (WEIR.L), on Thursday, reported FY23 statutory profit after tax of £229 million or 88.2p per share versus £214 million or 82.5p per share last year. Statutory profit before tax was £321 million, 23% higher than the prior year's £260 million.
Adjusted profit before tax amounted to £411 million or 115.9p per share compared to £348 million or 98.4p per share in the year 2022.
Revenue for the year 2023 rose 7% to £2.636 billion from £2.590 billion generated in the year 2022.
Jon Stanton, Chief Executive Officer said, '.We executed well, delivering strong growth in revenue and profit, expanding operating margins in excess of our 2023 target, achieving consistent cash conversion and significant improvement in return on capital employed. As we go into 2024, we have a growing installed base, a strong order book and ore production trends in our mining markets are positive. We expect to deliver another year of growth in revenue, profit and cash generation, and to further expand our operating margins with progress towards our 2026 target of 20%.'
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