Weir Group Plc (WEIR.L) on Thursday reported lower statutory profit in the first six months of fiscal 2025, impacted by a decline in revenues. Adjusted profit, however, rose 10 percent from last year. The company reiterated its revenue guidance for the year and also increased its interim dividend.
The Scottish mining technology company posted statutory profit attributable to equity holders of 112.5 million pounds or 43.4 pence per share in the first half, down from 116.9 million pounds or 45.1 pence per share in the same period last year.
On an adjusted basis, however, profit rose to 151.3 million pounds in the half-year period from 138.4 million pounds in the year-ago period.
The company's pre-tax profit from continuing operations was 165.4 million pounds, same as the first six months of fiscal 2024. Adjusted pre-tax profit from continuing operations climbed 10 percent to 212.6 million pounds from 193.1 million pounds a year ago.
During the first six months, revenues declined to 1.19 billion pounds from 1.21 billion pounds in the previous-year period.
Looking ahead, the company reaffirmed its fiscal 2025 constant currency revenue outlook. Weir Group added that given the continued favourable backdrop in mining, along with execution of Performance Excellence and contributions from Micromine, it is upgrading its annual operating margin guidance to around 20 percent.
Weir Group said that its Board has approved an interim dividend of 19.6 pence per share, which is 9 percent higher than last year's 17.9 pence per share. The interim dividend will be paid on November 4 to shareholders on the register on October 3.
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