LONDON (dpa-AFX) - Scottish engineering company Weir Group Plc (WEIR.L) posted higher profit in fiscal 2024, helped by strong demand in the Middle East and Africa. The company's revenues, however, declined from last year.
The company posted statutory profit before tax of 347 million pounds in fiscal 2024, up 8 percent from last year's 321 million pounds. Annual statutory profit after tax climbed 37 percent to 313 million pounds from 229 million pounds a year ago. On a per share basis, statutory earnings rose to 120.3 pence from 87.7 pence last year.
On an adjusted basis, profit before tax came in at 428 million pounds, up 4 percent from 411 million pounds a year ago. Adjusted earnings per share climbed to 119.2 pence from 115.3 pence in fiscal 2023.
Weir Group's revenues for the year declined 5 percent to 2.51 billion pounds from 2.64 billion pounds in the prior year. Orders for the year rose 2 percent to 2.52 billion pounds from 2.48 billion pounds last year.
Looking ahead, the company said that it is confident of reporting 2025 operating profits in line with current market expectations, helped by mid-single digit revenue growth and around 50bps of operating margin expansion.
The company's Board has recommended a final dividend of 22.1 pence per share, up 4 percent from last year's dividend. The final dividend will be paid on May 30 to shareholders on the register on 22 April.
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