LONDON (dpa-AFX) - Weir Group Plc (WEIR.L), a Scottish engineering firm, reported Tuesday that its first-half profit before tax dropped 3 percent to 165 million pounds from last year's 170 million pounds.
Earnings per share were 45.3 pence, down 7 percent from 48.8 pence a year ago.
Adjusted profit before tax was 193 million pounds, compared to prior year's 188 million pounds. Adjusted earnings per share were 53.6 pence, coompared to 53.4 pence last year.
Revenue dropped 7 percent to 1.21 billion pounds from prior year's 1.30 billion pounds. Revenues declined 3 percent at constant currency rates.
Orders were 1.253 billion pounds, compared to last year's 1.275 billion pounds.
Looking ahead for fiscal 2024, the company reiterated guidance for constant currency growth in operating profit. Operating margins are expected to be around 18 percent, ahead of previous guidance.
Revenue is now expected to be at the lower end of the range of current analyst estimates.
The company compiled consensus for Group revenue range between 2.60 billion pounds and 2.76 billion pounds.
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