8 January 2009
THE WEIR GROUP PLC
TRADING STATEMENT
The Weir Group PLC today issues the following Trading Statement in
respect of the 52 weeks ended 26 December 2008.
In the final quarter, the Group has continued to perform well,
growing input, revenue and profit on a constant currency basis
compared to the equivalent prior year period.
The Group's results benefitted from the effects of a positive foreign
currency translation in the final quarter, most notably from the
strengthening of the US dollar against sterling.
Financial Position
Net debt at 31 December 2008 is expected to be lower than the half
year figure of £261.7m, with operating cashflow generation and the
proceeds from the sale of the Materials & Foundries businesses being
partially offset by an adverse foreign currency translation effect.
A total of £625m of committed revolving credit facilities, expiring
in 2011, is in place and provides the necessary financial headroom to
support the continuing development of the Group.
Outlook
As a result of the Group's good performance in the year and the
foreign currency translation benefits outlined above we expect the
2008 full year outlook for profit from continuing operations before
tax, intangibles amortisation and exceptional items to increase to
around £174m*1.
The Group enters 2009 in a good position and is ready to respond to
the market challenges as they develop during the year.
Notes:
*1. Group guidance for continuing operations profit before tax,
intangibles amortisation and exceptional items at 9 October 2008 was
£170m.
Contact details: The Weir Group Tel. 0141 637 7111 (switchboard)
PLC
Helen Walker, Public Relations Tel. 0141 308 3739 (Mobile: 07789
Manager 032296)
Maitland Tel. 020 7379 5151
Suzanne Bartch (Mobile: 07769 710 335)
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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