REG - Weir Group PLC - Half-year Report
Thu 07:01
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RNS Number : 2845T Weir Group PLC 31 July 2025
The Weir Group PLC reports its interim results for the six months ended 30
June 2025
Significant strategic progress, positive markets and excellent execution
FY revenue guidance reiterated, operating profit margin upgraded to c.20%
Executing our strategy to deliver compounding growth
• Micromine acquisition completed - significantly accelerating digital
strategy
• Townley acquisition brings exposure to attractive US phosphate market
and foundry
• CiDRA P29 investment complementing our partnership with Eriez on
transformational separation solutions
Positive demand environment driving order(1) momentum
• OE order(1) growth +7% supported by brownfield activity and £40m
order in Talabre, Chile
• High activity levels driving strong AM order(1) growth; +8%
◦ Minerals AM +10%; underlying growth +7% excluding multi-period
order
◦ ESCO AM +1% like-for-like; +7% growth in core GET offset by dredge
phasing
◦ Micromine £12m contribution, in line with deal model
Excellent operational performance; US tariff effects mitigated
• Strong demand for aftermarket driving revenue(1) +4%
• Adjusted operating profit margin(1,3) of 19.8%; +220bps YoY
• Cumulative Performance Excellence savings of £40m; £11m incremental
savings in H1 as expected
Strong cash conversion and extension of debt maturities
• Free operating cash conversion of 62%, -6pp following exceptional FY
2024 performance
• Net debt(5) to EBITDA of 2.0x, to reduce below 2.0x by the end of 2025
• Long dated debt maturity profile after refinancing of UK and US public
bonds
FY Outlook: Constant currency revenue guidance reiterated, operating profit
margin upgraded
• Growing pipeline of sustainable solutions and positive activity levels
in AM
• Prior operating profit margin(1,3) guidance upgraded to c.20%
• Free operating cash conversion of 90% to 100%
H1 2025 H1 2024 As Constant
reported +/- currency(1) +/-
Continuing Operations(2)
Orders(1) £1,304m £1,208m n/a +8%
Revenue £1,195m £1,207m -1% +4%
Adjusted operating profit(3) £237m £215m +10% +17%
Adjusted operating profit margin(3) 19.8% 17.8% +200bps +220bps
Adjusted profit before tax(3) £213m £193m +10% n/a
Statutory profit before tax £165m £165m -% n/a
Adjusted earnings per share(3) 58.7p 53.6p +10% n/a
Return on capital employed 17.7% 17.9% -20bps n/a
Total Group
Statutory profit after tax £113m £117m -4% n/a
Statutory earnings per share 43.6p 45.3p -4% n/a
Free operating cash conversion 62% 68% -6pp n/a
Dividend per share 19.6p 17.9p +9% n/a
Net debt(5) £1,213m £535m* -£679m n/a
(*As of 31 December 2024. For all other footnotes see page 5.)
Jon Stanton, Chief Executive Officer said:
"Our strong performance in the first half of this year demonstrates our
leadership in mining technology and the unique capabilities of our business
model. We have made significant strategic progress, strengthening our position
in digital solutions with the purchase of Micromine, and enhancing our
presence in North America with our agreement to acquire Townley. Mining
markets are strong, particularly copper and gold, and customers are choosing
Weir to provide the novel, mission critical solutions they need to scale up
and clean up their operations. Our businesses are focused, and with a
continuous improvement mindset, driving excellent operational execution and
mitigating any impacts of US tariffs.
As we look to the full year, I am excited by the opportunities that lie ahead
to support the urgent need for the minerals essential for a sustainable
future. We are deepening relationships with our customers and bringing the
full breadth of Weir's capabilities to accelerate the path for smart,
efficient and sustainable mining. Our Performance Excellence programme
continues at pace, underpinning delivery of sector-leading margins and cash.
Taken together, we are on track to deliver our full year guidance for growth
in revenue, upgrade our operating profit margin to c.20%, all while
maintaining strong cash conversion."
A webcast of the management presentation will begin at 08:00 (BST) on 31 July
2025 at www.investors.weir (http://www.investors.weir/) . A recording of the
webcast will also be available at www.investors.weir
(http://www.investors.weir/)
CHIEF EXECUTIVE OFFICER'S REVIEW
Introduction
Our strong performance in the first half of the year has demonstrated the
quality and resilience of our business in a period of exceptional uncertainty.
Since April, the US Government has issued, and in cases later rescinded,
numerous changes to their tariff and trade policy amidst a host of other
legislative actions. Combined with several regional conflicts, including those
in the Middle East and Ukraine, uncertainty as to the speed and direction of
the global economy has risen significantly. As macro events unfolded, the
Group has acted quickly to mitigate any impacts through our resilient business
model and operational agility.
Progress with our acquisition strategy has been encouraging. At the end of
April, we completed the acquisition of Micromine and immediately launched the
integration process, focused on putting in place the mechanisms required to
accelerate its revenue growth. We are advancing toward our deal synergies at
pace, even at this early stage, and, after two months of ownership,
performance is in line with our pre-deal assumptions. Over the longer term,
the opportunity to form a sector-leading digital optimisation platform for the
mining industry is incredibly exciting.
The announced acquisition of Townley is expected to bring exposure to the
attractive phosphate market as well as a strategically important North America
foundry which completes the global casting capacity needs of the Minerals
Division.
Despite broader trade uncertainty, we saw high activity levels in our mining
markets, with customers increasing capex plans after a long period of
underinvestment, and early signs of an acceleration in project permitting,
particularly in North and Latin America, enabled by Government policy
responses. Across existing mine sites we saw continued brownfield momentum in
original equipment and strong aftermarket demand as customers sought to drive
production growth while delivering efficiency and sustainability improvements.
Good activity levels and progress on our organic growth initiatives, along
with the continued strong execution of our Performance Excellence programme,
means we have delivered a period of constant currency growth in orders,
revenue, operating profits, and operating margin.
Overall, our strong performance reflects the hard work and dedication of Weir
colleagues across the globe, and I'd like to thank them for their commitment
and contribution to our success.
Looking ahead, the opportunity to deliver compounding growth is compelling.
Customers are coming to us to solve their mission critical challenges to
address growing global demand for minerals. Our investments to accelerate our
digital strategy, strengthen our presence in the growing North American
market, and redefine mineral processing positions us as a leader in mining
technology at this critical time. Our lean operations and agile structure
enable us to respond quickly and efficiently to our customers' needs.
Together, these factors give me great confidence that we will continue to
deliver on our ambition to outgrow our markets, maintain operating margins
sustainably beyond 20%, convert our earnings cleanly to cash, while remaining
resilient and doing the right thing for our people and the planet.
OE order growth: Brownfield project momentum and Talabre win
With ongoing momentum on brownfield sites and the large Talabre order, OE
constant currency orders increased by 7% year-on-year.
Underpinned by historically high commodity prices, our customers are investing
to maximise production and extend the life of their existing mining assets.
Supported by governments globally, our customers have announced meaningful
expansion of their capex budgets to further bridge supply gaps in critical
minerals as new projects are built. Longer term, renewed focus on accelerating
mine permitting will generate substantial opportunities for the adoption of
smart, efficient and sustainable mining.
In the second quarter, we announced a £40m brownfield expansion contract for
sustainable tailings solutions at the Codelco Talabre tailings facility in
Chile. The project will combine the thickened tailings streams from three
major mines in the area, expected to have a total productive life of 20 years,
and handle a slurry thickened to c.70% solid content - creating the
opportunity to reuse process water and increasing the safety and stability of
the storage facility. The Talabre project is key to creating the conditions
for further capacity improvements within the process plants, a prime example
of how debottlenecking projects stack to unlock the full potential of our
customers' resources.
ESCO orders for mining attachments include a significant booking at Barrick's
Lumwana mine after several years of close partnership. The booking ultimately
led to a complete extraction solution, including orders for mining GET and
MOTION METRICS(TM) wear monitoring. Overall, strong underlying growth in
mining and construction was offset by phasing of truck body orders.
AM order growth: High levels of activity and contribution from Micromine
We continue to see good levels of activity across the global mining sector. In
total, aftermarket orders increased 8% in constant currency terms.
As previously indicated, growth in orders benefited from the full £35m
booking of a large annual recurring order during the second quarter, having
been split in the prior year between the second and fourth quarter due to the
timing of the contract renewal (H1 2024: £16m). Orders from the acquisition
of Micromine (£12m), which closed on 30 April, also contributed to growth in
the half.
While individual site performance varied by commodity, gold and copper
producers were very active supported by prices at or close to all-time highs.
Stockpiling, and a recognised supply shortage of copper have incentivised
customers to maximise production on their mines. Orders from industrial metals
such as iron, nickel and lithium declined in some regions as end-market
dynamics including battery manufacturing and automotive production remain
challenged. Oil sands demand remains stable as large portions of the US look
to their output as a critical blending ingredient at refineries.
Mining demand increased across all regions excluding APAC, which received a
large order for commissioning spares in the first half of last year. In
infrastructure, growth in construction attachments and GET was offset by a
decline in dredge orders as project activity in the Middle East slows.
Revenue and margin: Excellent operational performance
Revenue increased 4% on a constant currency basis during the first half of the
year as high levels of mine site activity drove demand for aftermarket spares
and expendables (+7%). OE declined on phasing of the orderbook, which will
reverse in the second half as we deliver the large Reko Diq order. Taken
together with strong order growth, the Group's book-to-bill increased to 1.09
(2024: 1.05).
Input costs through the first half were stable, with gross margin benefiting
from our lean manufacturing initiatives. Additional costs arising from tariffs
in the US were managed mostly through our agile and vertically integrated
supply chain, although modest price surcharges were made where this was not
possible. Manufacturing utilisation, production variances, and scrap rates
also improved as we maximised our existing footprint and found opportunities
to reduce costs through outsourcing to our supply chain.
Progress within our Performance Excellence programme continues at pace. During
the first half of the year, we recognised the largest benefit from projects
completed last year, including transformation of our IS&T and HR functions
as part of Weir Business Services. Continuous improvement within Minerals
contributed significant savings, particularly from our new 'configure to
order' product selection process. Also in Minerals, we recognised benefits
from consolidation of our manufacturing and service footprint in Türkiye and
commenced the last major capacity optimisation projects in EMEA and APAC.
On a constant currency basis adjusted operating profit grew by 17% and
adjusted operating margins were 19.8%, up 220bps. This improvement reflects
strong operational efficiency, positive mix, contribution from Micromine and
incremental Performance Excellence benefits.
Returns: Outstanding execution and clear path to de-lever our balance sheet
We completed our acquisition of Micromine (Sterling equivalent(6) enterprise
value £624m) and announced our intention to acquire Townley (Sterling
equivalent(7) enterprise value £111m), both within our well-defined capital
allocation policy. We expect both acquisitions to be earnings accretive to the
Group in their first full year of ownership and return on invested capital
(ROIC) expected to exceed the weighted average cost of capital (WACC) in 2028.
Free operating cash conversion remained stable at 62% resulting from a
disciplined approach to building working capital ahead of several large
project deliveries in the order pipeline. Our performance declined 6
percentage points following outperformance in 2024. We remain on track to
deliver our full year guidance of 90% to 100% free operating cash conversion.
As a result of our capital discipline, we expect to quickly de-lever our
balance sheet after several strategic investments in the first half of the
year, including the acquisitions of Micromine and Townley and the investment
in CiDRA. Net debt(5) to EBITDA was 2.0x at the end of June, we anticipate
this will be below 2.0x by the end of 2025 and return toward our guidance
range of 0.5 to 1.5 times EBITDA by the end of 2026.
Return on capital employed (ROCE) for the 12 months to the end of June
decreased as expected to 17.7%, -20bps relative to the same measurement point
in the prior year and in line with the expansion of our capital base following
acquisition spend of £640m.
Identifying an opportunity to extend the maturity profile of our publicly held
debt with minimal profitability impact, we refinanced our US and UK listed
bonds, raising a total of US$950m which was used to buy back existing bonds of
£150m and US$667m, as well as for other general purposes.
The Board has approved an interim dividend of 19.6 pence per share (2024:
17.9p). This is in line with our policy of distributing one third of adjusted
EPS and represents a 9% increase on the prior year. The interim dividend will
be paid on 4 November 2025 to Shareholders on the register on 3 October 2025.
Safety and sustainability
On safety, we have seen an increase in the number of recordable incidents
through the first half of the year driven in part by the extent of change in
certain parts of the business. We are working hard to address the underlying
causes and renewing the focus on those particular sites and high-risk
activities where incidents are most likely to happen. In March, we reflected
on our performance as a Group during our annual safety day, collectively
recommitting ourselves to the pursuit of zero harm and the need for
consistently excellent safety performance across all our operations. Overall,
the Group's total incident rate(4) (TIR) increased year-on-year to 0.56 (2024:
0.35).
Progress on our mental health initiatives was recognised externally. In an
assessment of the UK's 100 largest companies, CCLA Investment Management named
Weir as one of only ten Tier 1 companies in their 2025 Corporate Health
Benchmark, affirming our leadership in integrating mental health management
into our business strategy and reporting.
For the third year running, we achieved a place on the global environmental
non-profit Carbon Disclosure Project's (CDP) prestigious 'A List' for
leadership in corporate transparency and performance on climate change.
Outlook: Constant currency revenue guidance reiterated, margin upgraded to
c.20%
Activity levels in our mining markets are positive as customers look to invest
in projects that address structural critical metal demand. Supported by
favourable commodity prices, customers continue to prioritise maximising ore
production and improving the efficiency of existing mine sites which, together
with ongoing installed base expansion, provides a strong underpin for demand
for our aftermarket solutions.
We expect OE order and revenue growth to continue in the second half,
supported by a strong pipeline of brownfield optimisation projects. Portions
of our large order received for Reko Diq in Q3 last year are planned to ship
in Q4 2025, reversing the mix tailwind during the first half of the year.
Similarly, we expect high levels of mine site activity to support AM growth in
the second half.
The continued favourable backdrop in mining, combined with execution of
Performance Excellence and contributions from Micromine underpin our
confidence in upgrading our 2025 operating margin guidance to c.20%. This
includes an additional £10m underlying improvement in profitability offset by
translational FX headwinds expected through the second half of the year. We
expect free operating cash conversion of between 90% and 100%, in line with
our medium-term guidance as our lean operating model continues to deliver
working capital efficiency.
Further out, the long-term value creation opportunity for Weir is compelling.
The fundamentals for our business are highly attractive, underpinned by
long-term structural growth trends in our mining markets, and our technology
strategy to accelerate sustainable mining. In addition, we expect the benefits
of Performance Excellence will drive further margin expansion and move our
operating margins sustainably beyond 20%, while our strong cash generation and
balance sheet give us optionality to allocate capital, compounding total
shareholder returns.
Notes:
The Group financial highlights and Divisional financial reviews include a
mixture of GAAP measures and those which have been derived from our reported
results in order to provide a useful basis for measuring our operational
performance. Adjusted results are for continuing operations before adjusting
items as presented in the Consolidated Income Statement. Details of other
alternative performance measures are provided in note 2 of the Interim
Financial Statements contained in this press release.
1. 2024 restated at 2025 average exchange rates.
2. Continuing operations excludes the Oil & Gas Division which was
sold to Caterpillar Inc. in February 2021 and the Saudi Arabian joint venture
which was sold to Olayan Financing Company in June 2021.
3. Profit figures before adjusting items. Continuing operations
statutory operating profit was £189m (2024: £188m). Total operations
adjusted operating cash flow excludes additional pension contributions,
exceptional and other adjusting cash items, and income tax paid. Total
operations net cash generated from operating activities was £99m (2024:
£123m).
4. As measured by Total Incident Rate (TIR) which represents the rate
of any incident that causes an employee, visitor, contractor, or anyone
working on behalf of Weir to require off-site medical treatment per 200,000
hours worked.
5. Refer to note 2 of the Interim Financial Statements contained in
this press release for further details of alternative performance measures.
6. Purchase settled in AUD. Spot of 2.0995 based on indicative
Management rates.
7. Transaction spot rate of 1.35
DIVISIONAL REVIEW - MINERALS
Minerals is a global leader in products and integrated solutions for smart,
efficient and sustainable processing in mining markets.
2025 First half summary
• Orders(1) +10%; large order pipeline conversion and strong demand
for AM
• Revenue(1) +4%; growth in underlying demand against phasing of
large order deliveries
• Operating profit margin(1,2) +250 bps; mix and Performance
Excellence benefits
• Book-to-bill of 1.10
2025 First half strategic review
Minerals made great progress in the first half, securing a £40m order for a
sustainable tailings solution for Codelco in Talabre, Chile. Performance
Excellence projects within the Division are building a leaner, customer
focused operation at pace. Progress across all 4 pillars of the 'We are Weir'
strategic framework is outlined below.
People
On safety, Minerals TIR for the period was 0.48 (2024: 0.24). This represents
an increase on the prior year, while remaining at the lower end of the
Division's historic trend.
We are investing in our future leaders globally, partnering with a growing
list of top-rated Universities to facilitate our Minerals Leadership
Foundations courses in more locations throughout the world. In the first half,
we graduated our first cohort from this bespoke mining leadership programme in
India.
Customer
The Division executed strongly on key strategic growth initiatives and during
the first half converted 90% of our competitive field trials for large mill
circuit pumps against a range of competitor solutions.
We received the largest order ever for our GEHO(®) positive displacement
pumps as part of the Talabre tailings storage solution, uniquely capable of
transporting tailings of upwards of 70% solids content, delivering a paste
which would be more stable than conventional tailings storage all while
conserving water for re-use in the process plant.
We secured a large contract for our NEXT intelligent solutions in Saudi Arabia
to deliver a predictive maintenance solution for eight large positive
displacement pumps. The solution will enhance operational reliability,
minimise unplanned downtime, and optimise maintenance planning through
real-time data insights and early failure detection. Our success was due to
our unique combination of AI-powered digital technologies and deep product
domain expertise, reinforcing our position as a trusted partner in digital
transformation for the mining industry.
Technology
We are investing in new transformative flowsheet solutions to help mining
companies meet the challenges of reduced head grades, water restrictions,
reduced carbon emissions, and tailings impound safety. Through our
partnerships with Eriez and CiDRA, we are integrating a wide range of bolt-on,
highly engineered solutions to deliver a menu of options to help our customers
to maximise their new or existing mine sites.
During the first half of the year, we developed and trialed a new,
standardised, mechanical throatbush technology for our large mill circuit pump
range. This solution reduces total maintenance time, keeping the pump
operating for longer and is already available on several sizes.
Performance
Minerals' Performance Excellence work streams continue to progress at pace,
with the adoption of our bespoke continuous improvement approach, WINS,
driving improvement across the Division. Revisions of standard operating
procedures have driven warranty claims down, on time delivery up, and improved
turns of consigned inventory.
With the announcement of the Townley acquisition, and pending its successful
completion, we will have foundries with access to land routes in every major
hard rock mining continent globally, creating opportunities for better
recycling and lower freight charges.
2025 First half financial review
Constant currency £m H1 2025 H1 2024(1) Growth(1) H2 2024(1)
Orders OE 237 217 9% 240
Orders AM 716 652 10% 664
Orders Total 953 869 10% 904
Revenue OE 195 209 -7% 222
Revenue AM 670 621 8% 675
Revenue Total 865 830 4% 897
Adjusted operating profit(2) 188 160 18% 200
Adjusted operating profit margin(2) 21.8% 19.3% +250 bps 22.4%
Adjusted operating cash flow(2) 158 151 5% 304
Book-to-bill 1.10 1.05 1.01
1. 2024 restated at 2025 average exchange rates except for adjusted operating
cash flow.
2. Profit figures before adjusting items. Adjusted operating cash flow
excludes additional pension contributions, exceptional and other adjusting
cash items, and income tax paid. Refer to note 2 of the Interim Financial
Statements contained in this press release further details of alternative
performance measures.
Orders increased by 10% on a constant currency basis to £953m (2024: £869m),
with book-to-bill of 1.10. OE orders increased 9%, reflecting high levels of
brownfield activity and large Talabre order. AM orders grew 10% reflecting
volume growth in hard rock mining and a minor contribution from pricing, as
well as the full recognition of a large multi period order in North America.
In the first half, AM orders represented 75% of total orders (2024: 75%). In
total, mining end markets accounted for 76% of total orders (2024: 78%).
Revenue increased 4% on a constant currency basis to £865m (2024: £830m) on
strong aftermarket delivery offset by phasing within the OE order book.
Revenue growth was particularly strong in Latin and North America, reflecting
heightened mining activity in those regions. Product mix moved towards AM,
which represented 78% of revenue, up from 75% in the prior period.
Adjusted operating profit(2) increased 18% on a constant currency basis to
£188m (2024: £160m) as the Division benefits from incremental Performance
Excellence savings and operational efficiencies across gross margin and other
manufacturing costs.
Adjusted operating profit margin(2) on a constant currency basis was 21.8%
(2024: 19.3%). The year-on-year improvement of 250bps reflects Performance
Excellence savings and the benefit of movement in revenue mix towards AM.
Adjusted operating cash flow(2) increased by 5% to £158m (2024: £151m)
reflecting growth in operating profit offset by increased level of working
capital outflow. Working capital movements reflect an increase in inventory
ahead of large OE deliveries in H2 and decrease in payables offset by a
decrease in receivables.
DIVISIONAL REVIEW - ESCO
ESCO is a global leader in Ground Engaging Tools (GET), attachments, and
artificial intelligence and machine vision technologies that optimise
productivity for customers in global mining and infrastructure markets.
2025 First half summary
• Like-for-like orders(1) stable; mining demand offset by dredge
activity in the Middle East
• Revenue(1) +2%; £11m contribution from Micromine and core mining
AM offset by OE phasing
• Operating profit margin(1,2) +110bps; contribution from Micromine
and supply chain efficiencies
• Book-to-bill of 1.06
2025 First half strategic review
ESCO made strong strategic progress in the first half, beginning trials for
the next generation construction GET system and gaining market share in mining
GET. The acquisition of Micromine was completed in late April, and results for
both May and June are reported within the ESCO Division. Specific progress
across all 4 pillars of the 'We are Weir' strategic framework is outlined
below.
People
On safety, ESCO's TIR for the period was 0.86 (2024: 0.82). Encouragingly,
incident rates have trended down over the course of the first half of the year
along with severity rates.
Customer
During the first half of the year, ESCO secured a major order from Barrick's
Lumwana copper mine in Zambia, simultaneously delivering on the Division's
three strategic growth initiatives of: extending vertically through the value
chain through mining attachment sales, protecting our core by expanding the
use of our GET solutions, and growing the installed base of MOTION METRICS(TM)
AI-enabled vision technology. The Lumwana mine is critical to the global
supply of copper, enjoying one of the largest deposits in the world. Current
expansion work, including this order, looks to extend the mine life by another
20 years.
The Division made excellent progress growing market share in core mining GET
and MOTION METRICS(TM), winning net 80 competitive major digger conversions
(2024: 61) and achieving the highest total orders for MOTION METRICS(TM) of
£16m (2024: £12m). Demand was particularly strong in North America and
Africa from high levels of mining activity and renewed construction demand in
the US following last year's election.
Technology
ESCO continues to expand the portfolio of Nexsys™ solutions, allowing for
longer bucket campaign cycles and improved GET wear life to a greater number
of sizes. As of June, Nexsys™ solutions are now being shipped to every
mining region globally. Learnings from Nexsys™ are incorporated into the
next generation of GET solutions for the construction industry, currently
trialing at 6 customer sites, to be released at ConExpo in 2026.
Performance
The Division's lean continuous improvement under the Performance Excellence
programme has been critical to managing the supply chain challenges arising
from the US 'Liberation Day' tariffs. Over the first half, ESCO has worked to
source and direct inventory optimally from its US and China based foundries,
minimising potential customer impact. Additional Performance Excellence
activities remain on track to deliver ESCO's contribution to the Group's 2026
target.
2025 First half financial review
Constant currency £m H1 2025 H1 2024(1) Growth(1) H2 2024(1)
Orders OE 24 27 -9% 23
Orders AM 327 312 5% 280
Orders Total 351 339 4% 303
Revenue OE 15 25 -38% 33
Revenue AM 315 299 5% 302
Revenue Total 330 324 2% 335
Adjusted operating profit(2) 68 63 8% 61
Adjusted operating profit margin(2) 20.5% 19.4% +110bps 18.1%
Adjusted operating cash flow(2) 62 70 -11% 87
Book-to-bill 1.06 1.05 0.90
1. 2024 restated at 2025 average exchange rates except for adjusted operating
cash flow.
2. Profit figures before adjusting items. Adjusted operating cash flow
excludes additional pension contributions, exceptional and other adjusting
cash items, and income tax paid. Refer to note 2 of the Interim Financial
Statements contained in this press release for further details of alternative
performance measures.
Orders increased by 4% on a constant currency basis to £351m (2024: £339m).
Orders include the first two months of Micromine ownership (£12m). ESCO
like-for-like performance was stable, as good underlying demand for mining and
construction GET was offset by the phasing of dredge orders as activity in the
Middle East declined. At 93%, AM continues to account for most of the
Division's orders (2024: 92%). The Division's book-to-bill was 1.06. In total,
mining end markets accounted for 72% of total orders (2024: 69%).
Revenue increased 2% on a constant currency basis at £330m (2024: £324m),
including revenue contributed from Micromine (£11m). ESCO like-for-like
revenue was stable, reflecting growth in core mining and infrastructure GET
offset by the phasing of large bucket deliveries.
Adjusted operating profit(2) increased by 8% on a constant currency basis to
£68m (2024: £63m), benefiting from lean supply chain improvements within the
Performance Excellence programme and contribution from Micromine (£4m).
Adjusted operating profit margin(2) on a constant currency basis was 20.5%,
+110 bps (2024: 19.4%), with the year-on-year improvement reflecting
favourable product mix and strong operational efficiencies.
Adjusted operating cash flow(2) decreased by 11% to £62m (2024: £70m),
reflecting growth in operating profit offset by an increase in working capital
outflow to £17m (2024: £6m). Working capital movements reflect an increase
in inventory offset by a reduction in net receivables.
GROUP FINANCIAL REVIEW
Constant currency(1) As reported
Continuing Operations £m H1 2025 H1 2024(1) Growth H1 2024 Growth
Orders OE 261 244 7% n/a n/a
Orders AM 1,043 964 8% n/a n/a
Orders Total 1,304 1,208 8% n/a n/a
Revenue OE 210 234 -10% 244 -14%
Revenue AM 985 920 7% 963 2%
Revenue Total 1,195 1,154 4% 1,207 -1%
Adjusted operating profit(2) 237 203 17% 215 10%
Adjusted operating profit margin(2) 19.8% 17.6% +220bps 17.8% +200bps
Book-to-bill 1.09 1.05 n/a n/a n/a
Total Group £m
Adjusted operating cash flow(2) 192 n/a n/a 198 -3%
Free operating cash conversion 62% n/a n/a 68% -6pp
Net debt 1,213 n/a n/a 535(3) -679
1. 2024 restated at 2025 average exchange rates.
2. Profit figures before adjusting items. Adjusted operating cash flow
excludes additional pension contributions, exceptional and other adjusting
cash items, and income tax paid. Refer to note 2 of the Interim Financial
Statements contained in this press release for further details of alternative
performance measures.
3. Net Debt at 31 December 2024.
Continuing operations orders at £1,304m increased 8% on a constant currency
basis. Minerals orders were up 10%, with AM growth up 10% reflecting volume
growth in hard rock mining and a minor contribution from pricing, as well as
the full recognition of our large multi period order in North America.
Minerals OE orders increased 9%, reflecting the conversion of our large order
pipeline. ESCO orders increased by 4%, with underlying demand in mining and
construction driving aftermarket growth, this included a contribution of £12m
from Micromine orders. 80% of orders from continuing operations related to
aftermarket, in line with the prior year.
Continuing operations revenue of £1,195m increased 4% on a constant
currency basis, reflecting the execution of our strong opening orderbook. In
Minerals revenue was 4% higher on a constant currency basis at £865m
(2024: £830m) due to phasing of large greenfield deliveries and heightened
mining activity in Latin and North America. ESCO revenue increased 2% on
a constant currency basis to £330m (2024: £324m), including a contribution
of £11m from Micromine. There was a shift in revenue mix towards aftermarket,
accounting for 82% of revenues from continuing operations, up from 80% in the
prior year. Reported revenues decreased 1%, largely driven by a foreign
exchange translation headwind of £53m. Overall book-to-bill stands at 1.09
(2024: 1.05) reflecting continued strength in orders .
Continuing operations adjusted operating profit increased by £21m, 10%, to
£237m on a reported basis (2024: £215m). Excluding a £13m foreign currency
translation headwind, the constant currency increase was £34m, 17%.
As explained further in the Divisional reviews, Minerals adjusted operating
profit increased by 18% on a constant currency basis to £188m (2024: £160m)
and ESCO's adjusted operating profit increased by 8% on a constant currency
basis to £68m (2024: £63m), including a contribution of £4m from
Micromine. Corporate costs of £19m (2024: £20m) are largely in line with
prior year.
Continuing operations adjusted operating profit margin of 19.8% is up 220bps
versus last year on a constant currency basis and up 200bps as reported. This
increase is driven by further Performance Excellence savings, strong operating
efficiencies as well as product mix moving towards AM (80% to 82%) for
continuing operations. R&D as a percentage of sales was 2.2%, up from 2.1%
at June 2024, meeting our target of 2% of revenue as we continue to invest in
our technology strategy.
Continuing operations statutory operating profit for the period of £189m was
£2m favourable to the prior year, with the increased adjusted operating
profit result partly offset by increased adjusting items of £20m, driven by
progress towards our Performance Excellence initiatives and acquisition &
integration activity.
Continuing operations net finance costs were £24m (2024: £22m) with the
increase mainly due to interest on debt acquired as part of the Micromine
acquisition.
Continuing operations adjusted profit before tax was £213m (2024: £193m),
reflecting the favourable adjusted operating profit results and an FX headwind
of £12m. The statutory profit before tax from continuing operations of £165m
is in line with the prior year (2024: £165m) .
Continuing operations adjusted tax charge for the year of £61m (2024:
£54m) on profit before tax from continuing operations (before adjusting
items) of £213m (2024: £193m) represents an adjusted effective tax rate
(ETR) of 28.6% (2024: 28.2%). The increase in ETR mainly reflects the
geographic mix of profits and changes to the provisions for tax on unremitted
earnings held by the Group together with other permanent differences,
including withholding taxes suffered on repatriation of cash from various
jurisdictions.
A tax credit of £8m has been recognised in relation to continuing operations
adjusting items (2024: £7m).
Continuing operations adjusting items increased to £47m (2024: £28m).
Intangibles amortisation decreased by £4m to £8m (2024: £12m). Exceptional
items totalled £31m (2024: £15m), with costs relating to our Performance
Excellence programme of £20m and the remainder being acquisition &
integration costs following the Micromine acquisition. Other adjusting items
which relate to the Group's legacy asbestos-related provisions in the period
were £8m (2024: £1m), with the increase relating to the US absestos
liability and associated insurance asset.
Statutory profit for the period after tax from total operations of £113m
(2024: £117m) reflects a £5m decrease in profit from continuing
operations, partly offset by the non-repeat of prior year discontinued
operations losses of £1m.
Adjusted earnings per share from continuing operations increased to 58.7p
(2024: 53.6p). Statutory reported earnings per share from total operations is
43.6p (2024: 45.3p).
Cash flow and net debt
Adjusted operating cash flow decreased by £6m to £192m (2024: £198m) in the
period, with higher adjusted operating profits offset by an increased outflow
from working capital in the period of £93m (2024: £71m). Working capital as
a percentage of sales reduced to 23% (2024: 24%), and up from 21% at December
2024. Continuing operations utilised non-recourse invoice discounting
facilities of £25m (2024: £27m) compared to £35m at December 2024. This is
largely utilising facilities provided by our customers to receive payment on
reasonable terms in certain geographies where custom dictates extended payment
terms. Suppliers chose to utilise supply chain financing facilities of £27m
(2024: £39m) versus £34m at December 2024.
Net capital expenditure increased by £1m to £31m (2024: £30m). Lease
payments at £15m were in line with the prior year (2024: £15m), while there
were no purchases of shares for employee share plans in H1 (2024: £7m).
Free operating cash conversion (refer to note 2 of the Interim Financial
Statements) was 62% (2024: 68%) with an increased working capital outflow,
partly driven by the exceptional performance at December 2024, causing
adjusted operating cash flow to remain largely stable, while adjusted
operating profit increased by £21m.
Free cash flow (refer to note 2 of the Interim Financial Statements) from
total operations was an inflow of £43m (2024: £53m).
Net debt increased by £679m to £1,213m (December 2024: £535m) and includes
£147m (December 2024: £127m) in respect of IFRS 16 'Leases'. Drivers of the
increase in net debt are primarily the result of the Micromine acquisition and
related funding and investment in CiDRA Holdings. Net debt to EBITDA on a
lender covenant basis was 2.0x (December 2024: 0.7x) compared to a covenant
level of 3.5x, and in line with our external guidance for M&A activity.
In February 2025 the Group entered into an Australian Dollar $1,200m term loan
facility to finance its purchase of Micromine. The facility is due to mature
in February 2026 with an option to extend to February 2027. In May 2025, the
Group completed the issue of five-year US$950m bond notes and, as a result,
the Group elected to reduce its US$800m and £300m Sustainability-Linked Notes
to US$133.1m and £150m. In addition, the Group have the option to increase
its revolving credit facility by US$200m if required, subject to agreement of
the counterparty. Following these actions and continued strong cash
generation, the Group retains substantial levels of liquidity over the
medium-term.
Pensions
The IAS 19 funding position across the Group's legacy UK and North American
schemes increased from a net surplus of £9m at 31 December 2024 to a net
surplus of £11m at 30 June 2025. This is primarily due to a financial
assumptions gain of £7m, driven by a rise in the IAS 19 discount rate and a
fall in RPI inflation, offset by losses on assets (inclusive of the impact on
insured assets) of £7m. Within ESCO, there was a £1m settlement gain on one
of their Canadian plans resulting from the settlement of liabilities with an
insurer on route to winding up the plan. In total, a charge of £3m (2024:
credit of £7m) has been recognised in the Consolidated Statement of
Comprehensive Income.
Principal Risks and Uncertainties
The Board considers the Principal Risks and Uncertainties affecting the
business activities of the Group are:
Principal Risk Risk Trend from 2024 Annual Report
1. Political & social No change
2. Technology No change
3. Safety, Health & Wellbeing No change
4. People No change
5. Market No change
6. Competition Increased
7. Value chain excellence Decreased
8. Climate No change
9. Digital No change
10. Ethics & governance No change
11. Information security & cyber No change
Further details of the Group's policies on Principal Risks and Uncertainties
are contained within the Group's 2024 Annual Report, a copy of which is
available at www.annualreport.weir (http://www.annualreport.weir) .
Capital markets event
Spotlight on digital and software strategy - UK afternoon of 3 December 2025
Enquiries:
Investors: Philip Carlisle +44 (0)141 308 3617
Media: Sally Jones +44 (0)141 308 3666
CDR: Claire de Groot +44 (0) 207 638 9571
weir@cdrconsultancy.com
Appendix 1 - 2024/2025 continuing operations(1) quarterly order trends
Reported organic growth
Division 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Original Equipment -9% -15% 19% -7% 6% 16%
Aftermarket 4% -1% 3% 15% 9% 10%
Minerals 0% -5% 8% 9% 8% 11%
Original Equipment -16% -23% -18% 10% 0% -16%
Aftermarket 5% -1% -2% -2% -2% 4%
ESCO 3% -4% -3% -1% -2% 2%
Original Equipment -9% -16% 15% -5% 5% 12%
Aftermarket 4% -1% 2% 10% 5% 8%
Continuing Ops 1% -4% 5% 7% 5% 9%
Book-to-bill 1.11 0.97 1.01 0.95 1.11 1.07
Quarterly reported orders £m
Division 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Original Equipment 118 107 148 109 122 115
Aftermarket 328 353 331 377 349 367
Minerals 446 460 479 486 471 482
Original Equipment 12 16 10 15 12 12
Aftermarket 167 151 147 149 165 162
ESCO 179 167 157 164 177 174
Original Equipment 130 123 158 124 134 127
Aftermarket 495 504 478 526 514 529
Continuing Ops 625 627 636 650 648 656
Appendix 2 - 2025 continuing operations(1) order bridges (as reported)
Q1 Q2 H1
Group orders OE AM Total OE AM Total OE AM Total
(£m)
2024 - as reported 130 495 625 123 505 628 253 1,000 1,253
Organic 5% 5% 5% 12% 8% 9% 7% 7% 7%
Structure 0% 0% 0% 0% 2% 2% 0% 1% 1%
Currency -2% -1% -1% -6% -6% -6% -4% -4% -4%
Total 3% 4% 4% 6% 4% 5% 3% 4% 4%
2025 - as reported 134 514 648 127 529 656 261 1,043 1,304
Q1 Q2 H1
Minerals orders (£m) OE AM Total OE AM Total OE AM Total
2024 - as reported 118 328 446 107 354 461 225 682 907
Organic 6% 9% 8% 16% 10% 11% 9% 10% 10%
Structure 0% 0% 0% 0% 0% 0% 0% 0% 0%
Currency -3% -3% -2% -6% -7% -6% -4% -5% -5%
Total 3% 6% 6% 10% 3% 5% 5% 5% 5%
2025 - as reported 122 349 471 115 367 482 237 716 953
Q1 Q2 H1
ESCO orders OE AM Total OE AM Total OE AM Total
(£m)
2024 - as reported 12 167 179 16 151 167 28 318 346
Organic 0% -2% -2% -16% 4% 2% -9% 1% 0%
Structure 0% 0% 0% 0% 8% 7% 0% 4% 4%
Currency 1% 1% 1% -3% -5% -4% -2% -2% -2%
Total 1% -1% -1% -19% 7% 5% -11% 3% 2%
2025 - as reported 12 165 177 12 162 174 24 327 351
1. Continuing operations excludes the Oil & Gas Division which was sold to
Caterpillar Inc. in February 2021 and the Saudi Arabian joint venture which
was sold to Olayan Financing Company in June 2021.
CONSOLIDATED INCOME STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2025
Year ended 31 December 2024 6 months ended 30 June 2025 6 months ended 30 June 2024
Statutory results Adjusted results Adjusting items (note 5) Statutory results Adjusted results Adjusting items Statutory results
(note 5)
£m Note £m £m £m £m £m £m
Continuing operations
2,505.6 Revenue 3 1,194.8 - 1,194.8 1,207.2 - 1,207.2
389.1 Operating profit before share of results of joint ventures 235.8 (47.2) 188.6 214.0 (27.7) 186.3
1.9 Share of results of joint ventures 0.7 - 0.7 1.4 - 1.4
391.0 Operating profit 236.5 (47.2) 189.3 215.4 (27.7) 187.7
(65.9) Finance costs (34.6) - (34.6) (33.7) - (33.7)
22.0 Finance income 10.7 - 10.7 11.4 - 11.4
347.1 Profit before tax from continuing operations 212.6 (47.2) 165.4 193.1 (27.7) 165.4
(31.7) Tax (expense) credit 6 (60.9) 8.4 (52.5) (54.4) 7.1 (47.3)
315.4 Profit for the period from continuing operations 151.7 (38.8) 112.9 138.7 (20.6) 118.1
(2.9) Loss for the period from discontinued operations 7 - - - - (0.9) (0.9)
312.5 Profit for the period 151.7 (38.8) 112.9 138.7 (21.5) 117.2
Attributable to:
312.2 Equity holders of the Company 151.3 (38.8) 112.5 138.4 (21.5) 116.9
0.3 Non-controlling interests 0.4 - 0.4 0.3 - 0.3
312.5 151.7 (38.8) 112.9 138.7 (21.5) 117.2
Earnings per share 8
121.1p Basic - total operations 43.6p 45.3p
122.2p Basic - continuing operations 58.7p 43.6p 53.6p 45.7p
120.3p Diluted - total operations 43.4p 45.1p
121.4p Diluted - continuing operations 58.4p 43.4p 53.4p 45.4p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 JUNE 2025
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
312.5 Profit for the period 112.9 117.2
Other comprehensive income (expense)
0.8 Gains (losses) taken to equity on cash flow hedges 1.1 (0.3)
0.5 (Cost) gain of hedging taken to equity on fair value hedges (0.2) -
(48.7) Exchange losses on translation of foreign operations (129.2) (18.1)
(12.2) Exchange losses on net investment hedges - (6.0)
(0.1) Reclassification adjustments on cash flow hedges (0.9) (0.2)
0.3 Reclassification adjustments on fair value hedges 0.1 0.2
(0.4) Tax credit relating to above items 0.1 0.1
(59.8) Items that are or may be reclassified to profit or loss in subsequent periods (129.0) (24.3)
Other comprehensive income (expense) not to be reclassified to profit or loss
in subsequent periods:
4.9 Remeasurements on defined benefit plans (2.9) 6.6
(1.1) Tax credit (charge) relating to above item 0.5 (1.6)
3.8 Items that will not be reclassified to profit or loss in subsequent periods (2.4) 5.0
(56.0) Net other comprehensive expense (131.4) (19.3)
256.5 Total net comprehensive (expense) income for the period (18.5) 97.9
Attributable to:
256.4 Equity holders of the Company (18.6) 97.5
0.1 Non-controlling interests 0.1 0.4
256.5 (18.5) 97.9
Total net comprehensive (expense) income for the year attributable to equity
holders of the Company
259.3 Continuing operations (18.6) 98.4
(2.9) Discontinued operations - (0.9)
256.4 (18.6) 97.5
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2025
31 December 2024 30 June 2025 30 June 2024
£m Notes £m £m
ASSETS
Non-current assets
498.5 Property, plant & equipment 504.2 504.4
1,270.3 Intangible assets 1,809.8 1,304.5
12.8 Investments in joint ventures 13.1 12.9
- Equity investments 14.6 -
192.7 Deferred tax assets 186.3 91.9
44.3 Other receivables 40.6 48.7
32.6 Retirement benefit plan assets 14 29.8 33.9
2,051.2 Total non-current assets 2,598.4 1,996.3
Current assets
580.1 Inventories 602.9 616.3
546.7 Trade & other receivables 545.4 548.2
10.7 Derivative financial instruments 15 7.0 3.8
39.9 Income tax receivable 36.4 45.8
556.4 Cash & short-term deposits 439.2 651.9
1,733.8 Total current assets 1,630.9 1,866.0
3,785.0 Total assets 4,229.3 3,862.3
LIABILITIES
Current liabilities
55.2 Interest-bearing loans & borrowings 13 121.2 302.1
618.7 Trade & other payables 590.5 543.1
10.1 Derivative financial instruments 15 7.1 5.6
14.5 Income tax payable - 5.8
48.3 Provisions 12 59.8 45.4
746.8 Total current liabilities 778.6 902.0
Non-current liabilities
1,035.8 Interest-bearing loans & borrowings 13 1,531.3 1,087.5
77.7 Provisions 12 70.5 77.3
47.8 Deferred tax liabilities 46.8 30.9
23.3 Retirement benefit plan deficits 14 19.3 24.3
1,184.6 Total non-current liabilities 1,667.9 1,220.0
1,931.4 Total liabilities 2,446.5 2,122.0
1,853.6 NET ASSETS 1,782.8 1,740.3
CAPITAL & RESERVES
32.5 Share capital 32.5 32.5
582.3 Share premium 582.3 582.3
332.6 Merger reserve 332.6 332.6
(37.3) Treasury shares (23.2) (31.1)
0.5 Capital redemption reserve 0.5 0.5
(299.4) Foreign currency translation reserve (436.8) (262.9)
2.5 Hedge accounting reserve 2.7 1.2
1,230.7 Retained earnings 1,283.2 1,075.5
1,844.4 Equity attributable to owners of the Company 1,773.8 1,730.6
9.2 Non-controlling interests 9.0 9.7
1,853.6 TOTAL EQUITY 1,782.8 1,740.3
The financial statements were approved by the Board of Directors and
authorised for issue on 31 July 2025.
JON STANTON BRIAN PUFFER
Director Director
CONSOLIDATED CASH FLOW STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2025
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m Notes £m £m
Total operations
Cash flows from operating activities 16
591.1 Adjusted operating cash flow 192.2 197.8
(30.7) Exceptional and other adjusting cash items (27.2) (16.1)
(110.5) Income tax paid (65.7) (59.1)
449.9 Net cash generated from operating activities 99.3 122.6
Cash flows from investing activities
(1.0) Acquisitions of subsidiaries, net of cash acquired 11,16 (625.2) (1.0)
- Purchase of equity investment (14.8) -
(67.4) Purchases of property, plant & equipment, net of grants received (30.2) (26.4)
(5.1) Purchases of intangible assets (1.6) (4.0)
- Exceptional item - proceeds from sale of property 3.3 -
3.2 Other proceeds from sale of property, plant & equipment and intangible 1.0 0.8
assets
(1.8) Disposals of discontinued operations, net of cash disposed and disposal costs 16 - (1.8)
19.3 Interest received 7.0 9.9
(52.8) Net cash used in investing activities (660.5) (22.5)
Cash flows from financing activities
55.6 Proceeds from borrowings 1,296.6 40.0
(155.3) Repayments of borrowings (669.3) (90.3)
(24.8) Lease payments (15.5) (15.4)
(1.7) Settlement of derivative financial instruments (13.3) (0.7)
(61.9) Interest paid (30.7) (42.2)
(99.8) Dividends paid to equity holders of the Company 9 (57.1) (53.7)
(0.8) Dividends paid to non-controlling interests (0.3) (0.6)
(13.2) Purchase of shares for employee share plans - (7.0)
(301.9) Net cash generated from (used in) financing activities 510.4 (169.9)
95.2 Net (decrease) increase in cash & cash equivalents (50.8) (69.8)
447.4 Cash & cash equivalents at the beginning of the year 526.9 447.4
(15.7) Foreign currency translation differences (38.4) (6.0)
526.9 Cash & cash equivalents at the end of the period 16 437.7 371.6
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHS ENDED 30 JUNE 2025
Share capital Share premium Merger reserve Treasury shares Capital redemption reserve Foreign currency translation reserve Hedge accounting reserve Retained earnings Attributable to equity holders of the Company Non- controlling interests Total equity
£m £m £m £m £m £m £m £m £m £m £m
At 31 December 2023 32.5 582.3 332.6 (29.0) 0.5 (238.7) 1.4 1,008.2 1,689.8 9.9 1,699.7
Profit for the period - - - - - - - 116.9 116.9 0.3 117.2
Losses taken to equity on cash flow hedges - - - - - - (0.3) - (0.3) - (0.3)
Exchange (losses) gains on translation of foreign operations - - - - - (18.2) - - (18.2) 0.1 (18.1)
Exchange losses on net investment hedges - - - - - (6.0) - - (6.0) - (6.0)
Reclassification adjustments on cash flow hedges - - - - - - (0.2) - (0.2) - (0.2)
Reclassification adjustments on fair value hedges - - - - - - 0.2 - 0.2 - 0.2
Remeasurements on defined benefit plans - - - - - - - 6.6 6.6 - 6.6
Tax credit (charge) relating to above items - - - - - - 0.1 (1.6) (1.5) - (1.5)
Total net comprehensive (expense) income for the period - - - - - (24.2) (0.2) 121.9 97.5 0.4 97.9
Cost of share-based payments inclusive of tax charge - - - - - - - 4.0 4.0 - 4.0
Dividends - - - - - - - (53.7) (53.7) - (53.7)
Purchase of shares for employee share plans - - - (7.0) - - - - (7.0) - (7.0)
Dividends paid to non-controlling interests - - - - - - - - - (0.6) (0.6)
Exercise of share-based payments - - - 4.9 - - - (4.9) - - -
At 30 June 2024 32.5 582.3 332.6 (31.1) 0.5 (262.9) 1.2 1,075.5 1,730.6 9.7 1,740.3
Share capital Share premium Merger reserve Treasury shares Capital redemption reserve Foreign currency translation reserve Hedge accounting reserve Retained earnings Attributable to equity holders of the Company Non- controlling interests Total equity
£m £m £m £m £m £m £m £m £m £m £m
At 31 December 2024 32.5 582.3 332.6 (37.3) 0.5 (299.4) 2.5 1,230.7 1,844.4 9.2 1,853.6
Profit for the period - - - - - - - 112.5 112.5 0.4 112.9
Gains taken to equity on cash flow hedges - - - - - - 1.1 - 1.1 - 1.1
Cost of hedging taken to equity on fair value hedges - - - - - - (0.2) - (0.2) - (0.2)
Exchange losses on translation of foreign operations - - - - - (137.4) - 8.5 (128.9) (0.3) (129.2)
Reclassification adjustments on cash flow hedges - - - - - - (0.9) - (0.9) - (0.9)
Reclassification adjustments on fair value hedges - - - - - - 0.1 - 0.1 - 0.1
Remeasurements on defined benefit plans - - - - - - - (2.9) (2.9) - (2.9)
Tax credit relating to above items - - - - - - 0.1 0.5 0.6 - 0.6
Total net comprehensive (expense) income for the period - - - - - (137.4) 0.2 118.6 (18.6) 0.1 (18.5)
Cost of share-based payments inclusive of tax charge - - - - - - - 4.5 4.5 - 4.5
Dividends - - - - - - - (57.1) (57.1) - (57.1)
Dividends paid to non-controlling interests - - - - - - - - - (0.3) (0.3)
Exercise of share-based payments - - - 14.1 - - - (13.5) 0.6 - 0.6
At 30 June 2025 32.5 582.3 332.6 (23.2) 0.5 (436.8) 2.7 1,283.2 1,773.8 9.0 1,782.8
Share capital Share premium Merger reserve Treasury shares Capital redemption reserve Foreign currency translation reserve Hedge accounting reserve Retained earnings Attributable to equity holders of the Company Non- controlling interests Total equity
£m £m £m £m £m £m £m £m £m £m £m
At 31 December 2023 32.5 582.3 332.6 (29.0) 0.5 (238.7) 1.4 1,008.2 1,689.8 9.9 1,699.7
Profit for the year - - - - - - - 312.2 312.2 0.3 312.5
Gains taken to equity on cash flow hedges - - - - - - 0.8 - 0.8 - 0.8
Gain of hedging taken to equity on fair value hedges - - - - - - 0.5 - 0.5 - 0.5
Exchange losses on translation of foreign operations - - - - - (48.5) - - (48.5) (0.2) (48.7)
Exchange losses on net investment hedges - - - - - (12.2) - - (12.2) - (12.2)
Reclassification adjustments on cash flow hedges - - - - - - (0.1) - (0.1) - (0.1)
Reclassification adjustments on fair value hedges - - - - - - 0.3 - 0.3 - 0.3
Remeasurements on defined benefit plans - - - - - - - 4.9 4.9 - 4.9
Tax charge relating to above items - - - - - - (0.4) (1.1) (1.5) - (1.5)
Total net comprehensive (expense) income for the year - - - - - (60.7) 1.1 316.0 256.4 0.1 256.5
Cost of share-based payments inclusive of tax credit - - - - - - - 11.2 11.2 - 11.2
Dividends - - - - - - - (99.8) (99.8) - (99.8)
Purchase of shares for employee share plans - - - (13.2) - - - - (13.2) - (13.2)
Dividends paid to non-controlling interests - - - - - - - - - (0.8) (0.8)
Exercise of share-based payments - - - 4.9 - - - (4.9) - - -
At 31 December 2024 32.5 582.3 332.6 (37.3) 0.5 (299.4) 2.5 1,230.7 1,844.4 9.2 1,853.6
1. Accounting policies
Basis of preparation
These interim financial statements are for the 6 month period ended 30 June
2025 and have been prepared on the basis of the accounting policies set out in
the Group's 2024 Annual Report and in accordance with UK-adopted IAS 34
'Interim financial reporting' and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct Authority.
These interim financial statements are unaudited but have been reviewed by the
auditors and their report to the Company is set out on page 55. The
information shown for the year ended 31 December 2024 does not constitute
statutory accounts as defined in Section 435 of the Companies Act 2006 and has
been extracted from the Group's 2024 Annual Report which has been filed with
the Registrar of Companies. The report of the auditors on the financial
statements contained within the Group's 2024 Annual Report was unqualified and
did not contain a statement under either Section 498(2) or Section 498(3) of
the Companies Act 2006. These interim financial statements should be read in
conjunction with the annual consolidated financial statements for the year
ended 31 December 2024, which were prepared in accordance with UK-adopted
International Accounting Standards in conformity with the requirements of the
Companies Act 2006.
Significant changes in the financial position and performance of the Group
during the reporting period have been discussed in the Chief Executive
Officer's Review and the Group Financial Review. The principal activities of
the Group are described in note 3.
The Weir Group PLC is a limited company, limited by shares, incorporated in
Scotland, United Kingdom and is listed on the London Stock Exchange.
These interim financial statements are presented in Sterling. All values are
rounded to the nearest 0.1 million pounds (£m) except where otherwise
indicated.
These interim financial statements were approved by the Board of Directors on
31 July 2025.
Going concern
These interim financial statements have been prepared on the going concern
basis.
As discussed more fully in the Chief Executive Officer's Review, the Group
delivered a strong performance in the first half of the year reflecting the
high activity levels in our mining markets, with customers increasing capex
plans after a long period of underinvestment. Across our key measures, we once
again met our commitment to stakeholders as a high-quality mining focused
group, delivering significant year-on-year growth in operating profits and
margins, supported by strong execution on our Performance Excellence
programme, and a solid cash conversion result. The Group remains on track to
deliver our target of £80m of absolute savings by 2026.
As discussed in the Group Financial Review, in February 2025 the Group entered
into an Australian Dollar $1,200m term loan facility to finance its purchase
of Micromine. The facility is due to mature in February 2026 with an option to
extend to February 2027. In May 2025, the Group completed the issue of
five-year US$950m bond notes and, as a result, the Group elected to reduce its
US$800m and £300m Sustainability-Linked Notes to US$133.1m and £150m. In
addition, the Group have the option to increase its revolving credit facility
by US$200m if required. Following these actions and continued strong cash
generation, the Group retains substantial levels of liquidity over the
medium-term.
While mining markets continue to show strength and we have a clear strategy to
capitalise on the attractive long-term structural trends in these markets,
including technology advancements, there remains macroeconomic and
geopolitical uncertainty. Recognising these uncertainties, the Group performed
financial modelling of future cash flows, which cover a period of 12 months
from the approval of the 2025 interim financial statements. The financial
modelling included reverse stress testing which focused on the level of
downside risk which would be required for the Group to breach its current
lending facilities and related financial covenants. The review indicated that
the Group continues to have sufficient headroom on both lending facilities and
related financial covenants. The circumstances which would lead to a breach
are not considered plausible.
The Directors, having considered all available relevant information, have a
reasonable expectation that the Group has adequate resources to continue to
operate as a going concern.
Climate change
As well as considering the impact of climate change across our business model,
the Directors have considered the impact on the interim financial statements
in accordance with the Task Force on Climate-related Financial Disclosures
(TCFD) recommendations. These considerations focused on similar areas to those
disclosed in the 2024 Annual Report. There has not been a material impact on
the financial reporting judgements and estimates arising from our
considerations, consistent with our assessment that climate change is not
expected to have a detrimental impact on the viability of the Group in the
medium-term.
New accounting standards, amendments and interpretations
There were no new or amended accounting standards issued for the current
reporting period.
Foreign currency translation
On consolidation, the results of foreign operations are translated into
Sterling at average rates of exchange.
Equity investments
On 8 May 2025, the Group purchased a non-controlling equity stake in CiDRA
Holdings LLC, an unquoted company. The holding is classified as a financial
asset and is measured at fair value with subsequent changes in fair value
recognised in profit or loss. The group has utilised the provision in IFRS 9
which allows, in limited circumstances, to use cost as an appropriate estimate
of fair value. Cost has been determined to represent the best estimate of fair
value given the lack of external market data, the relative infancy of the
business acquired and the wide range of potential fair values that might be
reached in a valuation exercise.
The financial asset is recognised in the Group's balance sheet as a
non-current asset as there is no intention to sell the asset within 12 months.
Dividends from the investment are recognised in profit or loss.
Revenue recognition
Following the acquisition of Mining Software Holdings Pty Ltd on 30 April
2025, the Group recognises revenue from the sale of hardware, software and
annual license fee reinstatement at the point when the customer obtains
control of the product and can determine its future use and location. Revenue
from annual licenses, services and subscriptions is recognised over time over
the period of the contract duration.
Use of estimates and judgements
The preparation of interim financial statements, in conformity with IFRS,
requires management to make judgements that affect the application of
accounting policies and estimates that impact the reported amounts of assets,
liabilities, income and expense.
Management bases these judgements on a combination of past experience,
professional expert advice and other evidence that is relevant to each
individual circumstance. Actual results may differ from these judgements and
the resulting estimates, which are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the year in which the estimate is
revised.
The areas of judgement and estimate identified in the preparation of the
consolidated financial statements for the year ended 31 December 2024
continue to be relevant to the preparation of these interim financial
statements, with additional consideration given to the following area.
Taxation (estimate)
Taxes on income in the interim periods are accrued using the tax rate that
would be applicable to expected total annual profit or loss.
2. Alternative performance measures
The reported interim financial statements of The Weir Group PLC have been
prepared in accordance with UK-adopted International Accounting Standards and
with the requirements of the Companies Act 2006 as applicable to those
companies reporting under those standards. In measuring our performance, the
financial measures that we use include those which have been derived from our
reported results in order to eliminate factors which we believe distort
period-on-period comparisons. These are considered alternative performance
measures. This information, along with comparable GAAP measurements, is useful
to investors in providing a basis for measuring our operational performance.
Our management uses these financial measures, along with the most directly
comparable GAAP financial measures, in evaluating our performance and value
creation. Alternative performance measures should not be considered in
isolation from, or as a substitute for, financial information in compliance
with GAAP. Alternative performance measures as reported by the Group may not
be comparable with similarly titled amounts reported by other companies.
Below we set out our definitions of alternative performance measures and
provide reconciliations to relevant GAAP measures.
Adjusted results and adjusting items
The Consolidated Income Statement presents Statutory results, which are
provided on a GAAP basis, and Adjusted results (non-GAAP), which are
management's primary area of focus when reviewing the performance of the
business. Adjusting items represent the difference between Statutory results
and Adjusted results and are defined within the accounting policies section of
our 2024 Annual Report. The accounting policy for Adjusting items should be
read in conjunction with this note. Details of each adjusting item are
provided in note 5. We consider this presentation to be helpful as it allows
greater comparability of the operating performance of the business from period
to period.
Adjusted EBITDA
EBITDA is operating profit from continuing operations, before exceptional
items, other adjusting items, intangibles amortisation, and excluding
depreciation of owned assets and right-of-use assets. EBITDA is a widely used
measure of a company's profitability of its operations before any effects of
indebtedness, taxes or costs required to maintain its asset base. EBITDA is
used in conjunction with other GAAP and non-GAAP financial measures to assess
our operational performance. A reconciliation of EBITDA to the closest
equivalent GAAP measure, operating profit, is provided.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Continuing operations
391.0 Operating profit 189.3 187.7
Adjusted for:
60.4 Exceptional and other adjusting items (note 5) 39.0 15.3
20.7 Adjusting amortisation (note 5) 8.2 12.4
472.1 Adjusted operating profit 236.5 215.4
12.0 Non-adjusting amortisation 5.0 6.5
484.1 Adjusted earnings before interest, tax and amortisation (EBITA) 241.5 221.9
45.9 Depreciation of owned property, plant & equipment 23.4 22.7
31.9 Depreciation of right-of-use property, plant & equipment 15.3 15.7
561.9 Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) 280.2 260.3
Adjusted operating cash flow
Adjusted operating cash flow is the equivalent of net cash generated from
operations before additional pension contributions, exceptional and other
adjusting cash items and income tax paid as shown in the cash flow statement
and associated notes to the financial statements. This is a useful measure to
view or assess the underlying cash generation of the business from its
operating activities. A reconciliation to the GAAP measure 'Net cash generated
from operating activities' is provided in the Consolidated Cash Flow
Statement.
Free operating cash flow and free cash flow
Free operating cash flow (FOCF) is defined as adjusted operating cash flow
amended for net capital expenditure, lease payments, dividends received from
joint ventures and purchase of shares for employee share plans. FOCF provides
a useful measure of the cash flows generated directly from the operational
activities after taking into account other cash flows closely associated with
maintaining daily operations.
Free cash flow (FCF) is defined as FOCF further adjusted for net interest,
income taxes, settlement of derivative financial instruments, additional
pension contributions and non-controlling interest dividends. FCF reflects an
additional way of viewing our available funds that we believe is useful to
investors as it represents cash flows that could be used for repayment of
debt, dividends, exceptional and other adjusting items, or to fund our
strategic initiatives, including acquisitions, if any.
The reconciliation of adjusted operating cash flows to FOCF and subsequently
FCF is as follows.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
591.1 Adjusted operating cash flow 192.2 197.8
(69.3) Net capital expenditure from purchase & disposal of property, plant & (30.8) (29.6)
equipment and intangibles
(24.8) Lease payments (15.5) (15.4)
(13.2) Purchase of shares for employee share plans - (7.0)
483.8 Free operating cash flow (FOCF) 145.9 145.8
(42.6) Net interest paid (23.7) (32.3)
(110.5) Income tax paid (65.7) (59.1)
(1.7) Settlement of derivative financial instruments (13.3) (0.7)
(0.8) Dividends paid to non-controlling interests (0.3) (0.6)
328.2 Free cash flow (FCF) 42.9 53.1
Free operating cash conversion
Free operating cash conversion is a non-GAAP key performance measure defined
as free operating cash flow divided by adjusted operating profit on a total
Group basis. The measure is used by management to monitor the Group's ability
to generate cash relative to operating profits.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
472.1 Adjusted operating profit 236.5 215.4
483.8 Free operating cash flow 145.9 145.8
102% Free operating cash conversion % 62% 68%
Working capital as a percentage of sales
Working capital as a percentage of sales is calculated based on working
capital as reflected below, divided by revenue for the last 12 months, as
included in the Consolidated Income Statement. It is a measure used by
management to monitor how efficiently the Group is managing its investment in
working capital relative to revenue growth.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Working capital as included in the Consolidated Balance Sheet
44.3 Other receivables 40.6 48.7
580.1 Inventories 602.9 616.3
546.7 Trade & other receivables 545.4 548.2
0.6 Derivative financial instruments (note 15) (0.1) (1.8)
(618.7) Trade & other payables (590.5) (543.1)
553.0 598.3 668.3
Adjusted for:
(46.8) Insurance contract assets (39.4) (52.5)
12.6 Interest accruals 11.3 2.1
0.6 Deferred consideration - 0.6
(33.6) (28.1) (49.8)
519.4 Working capital 570.2 618.5
H2 revenue as reported in the prior year 1,298.4 1,336.2
H1 revenue as reported 1,194.8 1,207.2
2,505.6 Revenue 2,493.2 2,543.4
20.7% Working capital as a percentage of sales 22.9% 24.3%
Net debt
Net debt is a widely used liquidity metric calculated by taking cash and cash
equivalents less total current and non-current debt. A reconciliation of net
debt to cash and short-term deposits and interest-bearing loans and borrowings
is provided in note 16. It is a useful measure used by management and
investors when monitoring the capital management of the Group. Net debt,
excluding lease liabilities and converted at the exchange rates used in the
preparation of the Consolidated Income Statement, is also the basis for
covenant reporting.
Return on Capital Employed (ROCE)
ROCE is a key metric which is used to analyse the Group's profitability and
capital efficiency. ROCE is calculated as Adjusted Earnings Before Interest
& Tax (Adjusted EBIT) from continuing operations for the last 12 months
divided by the average capital employed. Adjusted EBIT represents the Group's
statutory operating profit adjusted for exceptional and other adjusting items.
Capital employed represents the Group's net assets adjusted for third party
net debt, Trust Owned Life Insurance policy investments and the IAS 19 pension
asset net of deferred tax.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Continuing operations
H2 operating profit as reported in the prior year 203.3 174.4
H1 operating profit as reported 189.3 187.7
391.0 Operating profit 392.6 362.1
Adjusted for:
H2 exceptional and other adjusting items as reported in the prior year 45.1 60.3
H1 exceptional and other adjusting items as reported 39.0 15.3
60.4 Exceptional and other adjusting items (note 5) 84.1 75.6
451.4 Adjusted earnings before interest and tax (Adjusted EBIT) 476.7 437.7
1,853.6 Net assets 1,782.8 1,740.3
Adjusted for:
534.6 Third party net debt (note 16) 1,213.3 737.7
(42.7) Trust Owned Life Insurance policy investments (39.4) (43.0)
(9.3) IAS 19 Pension asset (note 14) (10.5) (9.6)
2.6 Deferred tax on pension assets 2.9 2.6
2,338.8 Capital employed 2,949.1 2,428.0
2,342.4 Average capital employed 2,688.5 2,439.9
19.3 % ROCE 17.7 % 17.9 %
3. Segment information
Continuing operations includes two operating Divisions: Minerals and ESCO.
These two Divisions are organised and managed separately based on the key
markets served and each is treated as an operating segment and a reportable
segment under IFRS 8 'Operating segments'. The operating and reportable
segments were determined based on the reports reviewed by the Chief Executive
Officer, which are used to make operational decisions.
The Minerals segment is a global leader in engineering, manufacturing and
service processing technology used in abrasive, high-wear mining applications.
Its differentiated technology is also used in infrastructure and general
industrial markets. The ESCO segment is a global leader in the provision of
Ground Engaging Tools (GET) for large mining machines. It operates
predominantly in mining and infrastructure markets where its highly engineered
technology improves productivity through extended wear life, increased safety
and reduced energy consumption.
Sentiantechnologies AB (SentianAI), acquired on 21 November 2023, has been
included in the Minerals segment. SentianAI is a developer of innovative
cloud-based Artificial Intelligence solutions to the mining industry.
Following the acquisition of Mining Software Holdings Pty Ltd ("Micromine") on
30 April 2025, the group has been included in the ESCO segment. Micromine is a
leading software provider to the mining industry with comprehensive solutions
across the upstream mining value chain from exploration through mine design
and planning, operational scheduling and mining operations in hard ore, soft
ore and underground applications.
The Chief Executive Officer assesses the performance of the operating segments
based on operating profit from continuing operations before exceptional and
other adjusting items ('segment result'). Finance income and expenditure and
associated interest-bearing liabilities and financing derivative financial
instruments are not allocated to segments as all treasury activity is managed
centrally by the Group Treasury function. The amounts provided to the Chief
Executive Officer with respect to assets and liabilities are measured in a
manner consistent with that of the financial statements. The assets are
allocated based on the operations of the segment and the physical location of
the asset. The liabilities are allocated based on the operations of the
segment.
Transfer prices between business segments are set on an arm's length basis, in
a manner similar to transactions with third parties.
The segment information for the reportable segments for 2025 and 2024 is
disclosed below.
Minerals ESCO Total continuing operations
30 June 2025 30 June 2024 30 June 2025 30 June 2024 30 June 2025 30 June 2024
£m £m £m £m £m £m
Revenue
Sales to external customers 864.4 869.4 330.4 337.8 1,194.8 1,207.2
Inter-segment sales - - 0.4 0.7 0.4 0.7
Segment revenue 864.4 869.4 330.8 338.5 1,195.2 1,207.9
- -
Eliminations (0.4) (0.7)
1,194.8 1,207.2
Sales to external customers - 2024 at 2025 average exchange rates
Sales to external customers 864.4 830.2 330.4 323.7 1,194.8 1,153.9
Segment result
Segment result before share of results of joint ventures 188.2 170.0 67.1 63.7 255.3 233.7
Share of results of joint ventures - - 0.7 1.4 0.7 1.4
Segment result 188.2 170.0 67.8 65.1 256.0 235.1
Corporate expenses (19.5) (19.7)
Adjusted operating profit 236.5 215.4
Adjusting items (47.2) (27.7)
Net finance costs (23.9) (22.3)
Profit before tax from continuing operations 165.4 165.4
Segment result - 2024 at 2025 average exchange rates
Segment result before share of results of joint ventures 188.2 159.8 67.1 61.3 255.3 221.1
Share of results of joint ventures - - 0.7 1.4 0.7 1.4
Segment result 188.2 159.8 67.8 62.7 256.0 222.5
Corporate expenses (19.5) (19.7)
Adjusted operating profit 236.5 202.8
Minerals ESCO Total continuing operations
Year ended 31 December 2024 £m £m £m
Revenue
Sales to external customers 1,817.5 688.1 2,505.6
Inter-segment sales 0.1 1.5 1.6
Segment revenue 1,817.6 689.6 2,507.2
Eliminations (1.6)
2,505.6
Sales to external customers - 2024 at 2025 average exchange rates
Sales to external customers 1,726.8 659.2 2,386.0
Segment result
Segment result before share of results of joint ventures 382.8 127.4 510.2
Share of results of joint ventures - 1.9 1.9
Segment result 382.8 129.3 512.1
Corporate expenses (40.0)
Adjusted operating profit 472.1
Adjusting items (81.1)
Net finance costs (43.9)
Profit before tax from continuing operations 347.1
Segment result - 2024 at 2025 average exchange rates
Segment result before share of results of joint ventures 360.4 121.0 481.4
Share of results of joint ventures - 2.5 2.5
Segment result 360.4 123.5 483.9
Corporate expenses (40.1)
Adjusted operating profit 443.8
Total continuing Minerals ESCO Total continuing operations
operations
31 December 2024 30 June 2025 30 June 2024 30 June 2025 30 June 2024 30 June 2025 30 June 2024
£m £m £m £m £m £m £m
Timing of revenue recognition
2,393.1 At a point in time 839.6 826.6 317.9 328.3 1,157.5 1,154.9
114.1 Over time 24.8 42.8 12.9 10.2 37.7 53.0
2,507.2 Segment revenue 864.4 869.4 330.8 338.5 1,195.2 1,207.9
(1.6) Eliminations (0.4) (0.7)
2,505.6 1,194.8 1,207.2
Geographical information
Geographical information in respect of 2025 and 2024 is disclosed below.
Revenues are allocated based on the location to which the product is shipped.
Year ended 31 December 2024 6 months ended 30 June 2025 6 months ended 30 June 2024
£m £m £m
Revenue by geography
17.7 UK 11.6 7.3
402.5 US 195.4 200.6
386.5 Canada 192.1 191.9
306.3 Asia Pacific 161.1 144.8
437.5 Australasia 203.6 218.6
535.1 South America 258.7 259.1
312.8 Middle East & Africa 136.8 131.5
107.2 Europe 35.5 53.4
2,505.6 Revenue 1,194.8 1,207.2
Year ended 31 December 2024 6 months ended 30 June 2025 6 months ended 30 June 2024
£m £m £m
An analysis of the Group's revenue is as follows:
492.3 Original equipment 198.9 231.6
1,797.7 Aftermarket parts 884.6 873.5
2,290.0 Sales of goods 1,083.5 1,105.1
190.6 Provision of services - aftermarket 87.8 87.3
21.1 Construction contracts - original equipment 10.9 12.9
3.9 Subscription services 12.6 1.9
2,505.6 Revenue 1,194.8 1,207.2
Minerals ESCO Total Group
30 June 2025 30 June 2024 30 June 2025 30 June 2024 30 June 2025 30 June 2024
£m £m £m £m £m £m
Assets & liabilities
Intangible assets 493.8 563.0 1,316.0 741.5 1,809.8 1,304.5
Property, plant & equipment 324.0 320.4 171.8 174.6 495.8 495.0
Working capital assets 862.8 875.9 293.4 282.6 1,156.2 1,158.5
1,680.6 1,759.3 1,781.2 1,198.7 3,461.8 2,958.0
Investments in joint ventures - - 13.1 12.9 13.1 12.9
Equity investment 14.6 - - - 14.6 -
Segment assets 1,695.2 1,759.3 1,794.3 1,211.6 3,489.5 2,970.9
Corporate assets 739.8 891.4
Total assets 4,229.3 3,862.3
Working capital liabilities 476.5 462.6 152.0 120.7 628.5 583.3
Segment liabilities 476.5 462.6 152.0 120.7 628.5 583.3
Corporate liabilities 1,818.0 1,538.7
Total liabilities 2,446.5 2,122.0
Corporate assets primarily comprise cash and short-term deposits,
asbestos-related insurance asset, Trust Owned Life Insurance policy
investments, derivative financial instruments, income tax receivable, deferred
tax assets, retirement benefit plan assets and elimination of intercompany
assets as well as those assets which are used for general head office
purposes. Corporate liabilities primarily comprise interest-bearing loans and
borrowings and related interest accruals, derivative financial instruments,
income tax payable, provisions, deferred tax liabilities, retirement benefit
plan deficits and elimination of intercompany liabilities as well as
liabilities relating to general head office activities.
Year ended 31 December 2024 Minerals ESCO Total Group
£m £m £m
Assets & liabilities
Intangible assets 532.6 737.7 1,270.3
Property, plant & equipment 309.8 179.9 489.7
Working capital assets 854.0 273.6 1,127.6
1,696.4 1,191.2 2,887.6
Investments in joint ventures - 12.8 12.8
Segment assets 1,696.4 1,204.0 2,900.4
Corporate assets 884.6
Total assets 3,785.0
Working capital liabilities 507.0 126.8 633.8
Segment liabilities 507.0 126.8 633.8
Corporate liabilities 1,297.6
Total liabilities 1,931.4
4. Revenue & expenses
The following disclosures are given in relation to continuing operations.
Year ended 31 December 2024 (restated(1)) 6 months ended 30 June 2025 6 months ended 30 June 2024 (restated(1))
Statutory results Adjusted results Adjusting items Statutory results Adjusted results Adjusting items Statutory results
£m £m £m £m £m £m £m
A reconciliation of revenue to operating profit is as follows:
2,505.6 Revenue 1,194.8 - 1,194.8 1,207.2 - 1,207.2
(1,505.5) Cost of sales (701.4) (6.7) (708.1) (736.0) (0.9) (736.9)
1,000.1 Gross profit 493.4 (6.7) 486.7 471.2 (0.9) 470.3
7.4 Other operating income 2.1 - 2.1 4.4 - 4.4
(324.9) Selling & distribution costs (155.8) (0.8) (156.6) (160.1) 0.1 (160.0)
(293.5) Administrative expenses (103.9) (39.7) (143.6) (101.5) (26.9) (128.4)
1.9 Share of results of joint ventures 0.7 - 0.7 1.4 - 1.4
391.0 Operating profit 236.5 (47.2) 189.3 215.4 (27.7) 187.7
(1 Following a review of account code mapping, certain re-allocations have
been made between cost of sales, selling & distribution costs and
administrative expenses. There has been no change to overall operating profit.
For the 6 months ended 30 June 2024, cost of sales increased by £4.5m,
selling & distribution costs increased by £15.2m, and administrative
expenses reduced by £19.7m. For the year ended 31 December 2024, cost of
sales increased by £7.9m, selling & distribution costs increased by
£31.4m, and administrative expenses reduced by £39.3m.)
( )
Details of adjusting items are included in note 5.
5. Adjusting items
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Recognised in arriving at operating profit from continuing operations
(20.7) Intangibles amortisation (8.2) (12.4)
Exceptional items
0.3 Russia operations wind down - 0.3
(35.7) Performance Excellence programme (19.5) (14.4)
(0.1) Acquisition and integration related costs (11.2) (0.1)
(18.6) Impairment of intangibles - -
(0.5) Legal claims - (0.5)
(54.6) Total exceptional items (30.7) (14.7)
Other adjusting items
(5.8) Asbestos-related provision (8.3) (0.6)
(5.8) Total other adjusting items (8.3) (0.6)
(81.1) Total adjusting items (47.2) (27.7)
Recognised in arriving at operating profit from discontinued operations
Exceptional items
(2.9) Finalisation of Oil & Gas Division related tax assessment - (0.9)
(2.9) Total exceptional items - (0.9)
(2.9) Total adjusting items - (0.9)
Continuing operations
Intangibles amortisation
Intangibles amortisation of £8.2m (2024: £12.4m) is in respect of
acquisition related assets.
Exceptional items
Exceptional items in the period include a net charge of £19.5m in relation to
the Group's ongoing Performance Excellence programme. This three-year
programme aims to transform the way we work with more agile and efficient
business processes, with a focus on customer and service-delivery. The
programme includes capacity optimisation, lean processes and functional
transformation pillars. Costs of £14.3m have been recognised under the
capacity optimisation pillar, largely in relation to reorganisation and
restructuring costs across the Europe, Middle East and Africa region, as well
as relocation of certain manufacturing facilities in Australasia. The majority
of these costs booked are still to be cash settled. Also within Performance
Excellence, costs of £4.2m have been recognised under the functional
transformation pillar as costs associated with establishing Weir Business
Services, with £7.2m cash settled in the period including provided amounts
brought forward, and £1m of costs have been recognised within the lean
processes pillar.
Acquisition and integration costs, primarily relating to the acquisition of
Micromine, which completed on 30 April 2025, led to a total charge of £11.2m
in the period.
Other adjusting items
A charge of £8.3m (2024: £0.6m) has been recorded primarily in respect of
movements in the US asbestos-related liability and associated insurance asset
that relate to legacy products sold by a US-based subsidiary of the Group.
Further details of this are included in note 12.
Discontinued operations
A charge of £0.9m was recognised in the prior period in relation to the gain
on sale of discontinued operations (note 7). This related to the finalisation
of certain tax indemnities under the sale and purchase agreement for the Oil
& Gas Division, which was disposed of in 2021.
6. Income tax expense
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
14.9 Continuing Group - UK 6.1 (1.0)
(46.6) Continuing Group - Overseas (58.6) (46.3)
(31.7) Income tax expense in the Consolidated Income Statement for total operations (52.5) (47.3)
The total income tax expense is disclosed in the Consolidated Income Statement
as follows.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Tax (expense) credit
(118.6) - adjusted continuing operations (60.9) (54.4)
82.7 - exceptional and other adjusting items 6.4 3.6
4.2 - adjusting intangibles amortisation and impairment 2.0 3.5
(31.7) Total income tax expense in the Consolidated Income Statement for total (52.5) (47.3)
operations
The income tax expense included in continuing operations' share of results of
joint ventures is as follows.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
(1.0) Joint ventures - -
Tax charged within the 6 months ended 30 June 2025 has been calculated by
applying the effective rate of tax which is expected to apply to the Group for
the year ending 31 December 2025 using rates substantively enacted by 30 June
2025 as required by IAS 34 'Interim financial reporting'.
The normalised rate of tax of 28.6% (June 2024: 28.2%) has been calculated
using the full year projections and has been applied to profit before
adjusting items for the 6 months ended 30 June 2025.
Factors affecting current and future tax charges
The normalised tax rate was 1.6% above the Group's weighted average rate of
27.0%. The Group considers its normalised tax rate to be sustainable.
Unrecognised deferred tax
Included in the net deferred tax asset of £139.5m (June 2024: £61.0m) is
£107.9m (June 2024: £62.1m) related to the US Group net deferred tax assets,
determined on a basis consistent with the approach adopted at year ended 31
December 2024 following the application of a model which estimates the future
forecast levels of US taxable income with reference to the Group's five-year
strategic plan. Consistent with this approach, US deferred tax assets
totalling £21.2m (June 2024: £10.1m) are not recognised but retained by the
continuing US group. The ongoing application of this model may result in
future changes to the amount of US deferred tax assets that are unrecognised.
Pillar Two
On 20 June 2023, the government of the United Kingdom, where The Weir Group
PLC is incorporated, substantively enacted the Pillar Two income taxes
legislation effective from 1 January 2024. The Group adopted the amendments to
IAS 12 'Income taxes' for the first time in the year ended 31 December 2023.
The IASB amends the scope of IAS 12 to clarify that the Standard applies to
income taxes arising from tax law enacted or substantively enacted to
implement the Pillar Two model rules published by the OECD, including tax law
that implements qualified domestic minimum top-up taxes described in those
rules. The Group has applied the temporary exception issued by the IASB in May
2023 from the accounting requirements for deferred taxes in IAS 12.
Accordingly, the Group neither recognises nor discloses information about
deferred tax assets and liabilities related to Pillar Two income taxes.
The Group has analysed its eligibility for the Transitional Country By Country
Reporting Safe Harbours on a jurisdiction by jurisdiction basis for the period
to 30 June 2025. Based on the outcome of this analysis the group does not have
a material Pillar Two top-up tax. The Group is aware that the rules and
guidance in relation to Pillar Two continue to evolve and we are working
alongside tax specialists in order to continually assess the impact of the
Pillar Two income taxes legislation on future financial performance. As a
result of this changing landscape, there is a possibility that top-up taxes
may arise at some point in the future.
Legislative changes
On 4 July 2025, the government of the United States signed 'The One Big
Beautiful Bill' into law. The Group is working with external advisors to
assess what tax impact, if any, this will have on future financial
performance. As a result of this new legislation, there is a possibility that
an increase or reduction of income tax may arise at some point in the future.
7. Discontinued operations
In the prior period, a charge of £0.9m was recognised in relation to the
finalisation of certain tax indemnities under the sale and purchase agreement
for the Oil & Gas Division, which was disposed of in 2021. There have been
no current year investing cash outflows from discontinued operations related
to these charges (2024: £1.8m).
For full disclosure of the disposal of the Oil & Gas Division refer to
note 8 of Group's 2021 Annual Report and Financial Statements.
Loss per share
Loss per share from discontinued operations were as follows.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
pence pence pence
(1.1) Basic - (0.4)
(1.1) Diluted - (0.3)
The loss per share figures were derived by dividing the net loss attributable
to equity holders of the Company from discontinued operations by the weighted
average number of ordinary shares, for both basic and diluted amounts, shown
in note 8.
8. Earnings per share
Basic earnings per share amounts are calculated by dividing net profit for the
year attributable to equity holders of the Company by the weighted average
number of ordinary shares in issue after deducting the own shares held by
employee share ownership trusts and treasury shares. Diluted earnings per
share is calculated by dividing the net profit attributable to equity holders
of the Company by the weighted average number of ordinary shares outstanding
during the year, adjusted for the effect of dilutive share awards.
The following reflects the earnings used in the calculation of earnings per
share.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Profit attributable to equity holders of the Company
312.2 Total operations(1) 112.5 116.9
315.1 Continuing operations(1) 112.5 117.8
309.3 Continuing operations before adjusting items(1) 151.3 138.4
The following reflects the share numbers used in the calculation of earnings
per share, and the difference between the weighted average share capital for
the purposes of the basic and the diluted earnings per share calculations.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
Shares Shares Shares
million
million million
257.8 Weighted average number of ordinary shares for basic earnings per share 257.9 258.0
1.7 Effect of dilution: employee share awards 1.3 1.4
259.5 Adjusted weighted average number of ordinary shares for diluted earnings per 259.2 259.4
share
The profit attributable to equity holders of the Company used in the
calculation of both basic and diluted earnings per share from continuing
operations before adjusting items is calculated as follows.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
315.1 Net profit attributable to equity holders from continuing operations(1) 112.5 117.8
(5.8) Adjusting items net of tax 38.8 20.6
309.3 Net profit attributable to equity holders from continuing operations before 151.3 138.4
adjusting items
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
pence pence pence
Basic earnings per share:
121.1 Total operations(1) 43.6 45.3
122.2 Continuing operations(1) 43.6 45.7
120.0 Continuing operations before adjusting items(1) 58.7 53.6
Diluted earnings per share:
120.3 Total operations(1) 43.4 45.1
121.4 Continuing operations(1) 43.4 45.4
119.2 Continuing operations before adjusting items(1) 58.4 53.4
(1 Adjusted for a profit of £0.4m
(2024: £0.3m) in respect of non-controlling interests for both total and
continuing operations.)
( )
There have been no share awards (2024: no share awards) exercised between the
reporting date and the date of signing of these interim financial statements.
9. Dividends paid & proposed
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Declared & paid during the year
Equity dividends on ordinary shares
53.7 Final dividend paid for 2024: 22.1p (2023: 20.8p) 57.1 53.7
46.1 Interim dividend paid for 2024: 17.9p (2023: 17.8p) - -
56.9 Final dividend for 2024 proposed for approval by shareholders at the AGM - -
(22.1p)
- Interim dividend proposed for 2025: 19.6p (2024: 17.9p) 50.6 46.2
An interim dividend of 19.6p has been declared for 2025 (2024: 17.9p) in line
with the capital allocation policy under which the Group intends to distribute
33% of earnings from continuing operations before adjusting items by way of
dividend.
The proposed interim dividend is based on the number of shares in issue,
excluding treasury shares held, at the date that the financial statements were
approved and authorised for issue. The final interim dividend may differ due
to increases or decreases in the number of shares in issue between the date of
approval of this Interim Report and Financial Statements and the record date
for the interim dividend.
10. Property, plant & equipment and intangible assets
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Additions of property, plant & equipment and intangible assets
5.1 - owned land & buildings 1.6 1.3
66.9 - owned plant & equipment 28.4 25.7
28.8 - right-of-use land & buildings 34.7 25.9
5.9 - right-of-use plant & equipment 3.0 3.3
5.1 - intangible assets 1.5 4.0
111.8 69.2 60.2
The above additions relate to the normal course of business and do not include
any additions made by way of business combinations. There have been no
material disposals or transfers within the period.
11. Business combinations
Mining Software Holdings Pty Ltd
The Group completed the acquisition of Mining Software Holdings Pty Ltd
("Micromine") on 30 April 2025, for an enterprise value of Australian Dollar
$1,310m (£624m). Micromine is a leading software provider to the mining
industry with comprehensive solutions across the upstream mining value chain
from exploration through mine design and planning, operational scheduling and
mining operations in hard ore, soft ore and underground applications. The
Group paid cash consideration of Australian Dollar $1,333m (£634.5m) upon
completion of the acquisition of which Australian Dollar $15.1m will be held
in escrow for 12 months to cover any claims of specific indemnities.
The provisional fair values, which are subject to finalisation within 12
months of acquisition, are disclosed in the table below. There are certain
intangible assets included in the £614.8m of goodwill recognised that cannot
be individually separated and reliably measured due to their nature. These
items include the future growth of the business, synergies and an assembled
workforce.
2025
Mining Software Holdings Pty Ltd ("Micromine") £m
Property, plant & equipment - owned assets 0.8
Property, plant & equipment - right-of-use assets 2.5
Intangible assets
Customer and distributor relationships 8.3
Intellectual property & trademarks 11.7
Development costs 6.3
Inventories 0.2
Trade & other receivables 12.9
Deferred tax assets 9.2
Cash & cash equivalents 9.9
Interest-bearing loans & borrowings (3.4)
Trade & other payables (30.3)
Provisions (2.7)
Deferred tax liabilities (5.7)
Provisional fair value of net assets 19.7
Goodwill arising on acquisition 614.8
Total consideration 634.5
Cash consideration 634.5
Total consideration 634.5
The total net cash outflow on current year acquisitions was as follows:
cash consideration paid (634.5)
cash & cash equivalents acquired 9.9
Total cash outflow (note 16) (624.6)
The gross amount and fair value of Micromine trade receivables amounts to
£12.9m. It is expected that virtually all the contractual amounts will be
collected.
Micromine contributed £10.7m to revenue and an operating profit of £4.2m
(before adjusting items) in the period from acquisition to 30 June 2025. If
the acquisition had occurred at the start of 2025, the revenue and statutory
profit for the period from acquired operations would not have had a material
impact on the results disclosed in the Consolidated Income Statement and
therefore are not separately disclosed.
Prior year business combinations
SentianTechnologies AB
On 21 November 2023, the Group completed the acquisition of 100% of the voting
rights of SentianTechnologies AB (SentianAI) for an enterprise value of
SEK87.3m (£6.7m). SentianAI is a Swedish-based developer of innovative
cloud-based Artificial Intelligence (AI) solutions for the mining industry.
The acquisition has joined the Minerals Division and SentianAI's technology
will integrate with Minerals' existing product lines, and expand the
Division's digital capabilities. Initial consideration of £6.1m was paid on
completion, with a further deferred consideration of £0.6m recognised,
payable 15 months after the date of acquisition. The Group settled the
deferred consideration amount of £0.6m in March 2025.
The provisional fair values of the opening balance sheet acquired were
finalised in November 2024, following a review over a 12 month period since
the date of acquisition as permitted by IFRS 3 'Business Combinations'. A
£0.1m adjustment was made to intangibles assets with a reallocation between
purchased software and goodwill. The final acquisition balance sheet consisted
of intangible assets £0.7m, trade and other receivables £0.2m, cash and cash
equivalents £0.2m, trade and other payables £0.2m and external debt £0.2m,
with resulting goodwill arising on consolidation of £6.0m.
Included in the sale and purchase agreement of SentianAI, a maximum of an
additional SEK23.7m (£1.8m) is payable by the Group contingent on SentianAI
exceeding specific revenue and EBITDA margin targets over the next three years
and meeting non-financial targets by the end of 2026. The entry point for any
contingent payment would require significant growth in terms of revenue and
EBITDA margin by 2026. While the Group expects SentianAI to grow as it
leverages the benefits of being partnered with Minerals, and the opportunities
within ESCO, the entry targets are considered challenging. At present the
probability of SentianAI exceeding the revenue and EBITDA margin targets in
order to trigger a contingent payment is considered uncertain, in part due to
the relative infancy of the business. As a result no contingent consideration
has been recorded at the balance sheet date in both the current and prior
period. This will be reassessed in future periods as the business develops.
12. Provisions
Warranties & contract claims Asbestos-related Employee-related Exceptional items Other Total
£m £m £m £m £m £m
At 31 December 2024 11.3 71.6 15.3 16.0 11.8 126.0
Additions 2.0 1.6 7.3 31.0 2.0 43.9
Acquisitions - - 2.7 - - 2.7
Utilised (1.2) (4.5) (7.4) (19.2) (1.6) (33.9)
Unutilised (0.2) 0.7 - (0.7) (0.1) (0.3)
Transfers (0.3) - - - 0.3 -
Exchange adjustment (0.5) (6.1) (0.4) (0.1) (1.0) (8.1)
At 30 June 2025 11.1 63.3 17.5 27.0 11.4 130.3
Current 11.1 8.2 12.5 25.9 2.1 59.8
Non-current - 55.1 5.0 1.1 9.3 70.5
At 30 June 2025 11.1 63.3 17.5 27.0 11.4 130.3
Current 9.6 9.8 9.2 14.5 2.3 45.4
Non-current - 63.8 3.6 - 9.9 77.3
At 30 June 2024 9.6 73.6 12.8 14.5 12.2 122.7
Current 11.3 9.8 9.4 16.0 1.8 48.3
Non-current - 61.8 5.9 - 10.0 77.7
At 31 December 2024 11.3 71.6 15.3 16.0 11.8 126.0
The impact of discounting is only relevant for the Asbestos-related category
of provision, with higher discount rates at 30 June 2025 resulting in a
£0.6m reduction in the provision which is included within unutilised above.
Warranties & contract claims
Provision has been made in respect of actual warranty claims on goods sold and
services provided, and allowance has been made for potential warranty claims
based on past experience for goods and services sold with a warranty
guarantee. At 30 June 2025, the warranties portion of the provision totalled
£8.1m (2024: £6.9m). At 30 June 2025, all of these costs relate to claims
that fall due within one year of the balance sheet date.
Provision has been made in respect of sales contracts entered into for the
sale of goods in the normal course of business where the unavoidable costs of
meeting the obligations under the contracts exceed the economic benefits
expected to be received from the contracts and before allowing for future
expected aftermarket revenue streams. Provision is made immediately when it
becomes apparent that expected costs will exceed the expected benefits of the
contract. At 30 June 2025, the contract claims element, which includes
onerous provision, was £3.0m (2024: £2.7m), all of which is expected to be
incurred within one year of the balance sheet date.
Asbestos-related claims
31 December 2024 30 June 2025 30 June 2024
£m £m £m
61.3 US asbestos-related provision - pre-1981 date of first exposure 53.8 63.3
8.6 US asbestos-related provision - post-1981 date of first exposure 7.8 8.5
69.9 US asbestos-related provision - total 61.6 71.8
1.7 UK asbestos-related provision 1.7 1.8
71.6 Total asbestos-related provision 63.3 73.6
US asbestos-related provision
A US-based subsidiary of the Group is co-defendant in lawsuits pending in the
US in which plaintiffs are claiming damages arising from alleged exposure to
products previously manufactured that contained asbestos. The dates of alleged
exposure currently range from the 1950s to the 1990s.
The Group has historically held comprehensive insurance cover for cases of
this nature and its subsidiary continues to do so for claims with a date of
first exposure (dofe) pre-1981. The expiration of one of the Group's insurance
policies in 2019 resulted in no further insurance cover for claims with a
post-1981 dofe. The remaining insurance cover expired in 2025. Following the
exhaustion in April 2025, all claims continue to be directly administered by
National Coordinating Counsel however this is now on behalf of the US-based
subsidiary in place of the insurers who also previously met indemnity and
associated defence costs.
A review of the US subsidiary's expected liability for US asbestos-related
diseases and the adequacy of the insurance policies to meet future settlement
and defence costs was completed in conjunction with external advisers in 2023
as part of a planned triennial actuarial review. This review was based on an
industry standard epidemiological decay model, and the subsidiary's claims
settlement history. Consistent with recent claims experience, the 2023 review
reflected a higher levels of claims, particularly relating to the 1970s and
1980s. Further details of this review, the resulting US asbestos-related
provision and insurance asset and judgements applied is included in our 2024
Annual Report and Financial Statements.
In the 6 months to 30 June 2025 the US asbestos-related provision was updated
for changes in discount rate, period end exchange rates and adjusted in line
with the actuarial model to reflect expected settlements and the estimate of
ten years of future claims plus cash flows for a further six years. The
insurance asset was updated to reflect settlements in the period. The table
below represents the Directors' best estimate of the future liability.
31 December 2024 30 June 2025 30 June 2024
£m £m £m
US asbestos-related provision
96.8 Gross provision 85.5 99.2
(26.9) Effect of discounting (23.9) (27.4)
69.9 Discounted US asbestos-related provision 61.6 71.8
4.1 Insurance asset - 9.5
65.8 Net US asbestos-related liability 61.6 62.3
Due to the exhaustion of the insurance asset in April 2025 the balance in both
current and non-current trade and other receivables is nil at 30 June 2025
(2024: £8.9m within Trade and other receivables as a current asset and £0.6m
as Other receivables within non-current assets).
There remains inherent uncertainty associated with estimating future costs in
respect of asbestos-related diseases. Actuarial estimates of future indemnity
and defence costs associated with asbestos-related diseases are subject to
significantly greater uncertainty than actuarial estimates for other types of
exposures. This uncertainty results from factors that are unique to the
asbestos claims litigation and settlement process including but not limited
to:
i) the possibility of future state or federal legislation
applying to claims for asbestos-related diseases;
ii) the ability of the plaintiff's bar to develop and
sustain new legal theory and/or develop new populations of claimants;
iii) changes in focus of the plaintiff's bar;
iv) changes in defence strategy; and
v) changes in the financial condition of other co-defendants
in suits naming the US subsidiary.
As a result, there can be no guarantee that the assumptions used to estimate
the provision will result in an accurate prediction of the actual costs that
may be incurred.
There are a number of uncertain factors involved in the estimation of the
provision and variations in case numbers and settlements are to be expected
from period-to-period. Since the previous triennial update completed in 2023,
the US subsidiary has experienced a higher number of claims received than
modelled across both disease types. Settlements largely occur within four
years of a claim being received. Average settlement values and historic
settlement rates are in line with the model for Lung Cancer cases in 2025.
Average settlement values have been higher then modelled for Mesothelioma
cases however this is offset by historic settlement rates being lower than
modelled in 2025.
As noted above, there are a number of uncertain factors involved in the
estimation of the provision and variations in case numbers and settlements are
to be expected from period-to-period. The trends witnessed in our recent
claims experience have been reflected in the 2023 triennial actuarial review
and provided the basis for the provision recognised at 30 June 2025.
Sensitivity analysis reflecting reasonably probable scenarios has been
performed and is included in our 2024 Annual Report and Financial Statements.
The Group's US subsidiary has been effective in managing the asbestos
litigation, in part, because it has access to historical project documents and
other business records going back more than 50 years, allowing it to defend
itself by determining if legacy products were present at the location of the
alleged asbestos exposure and, if so, the timing and extent of their presence.
In addition, the US subsidiary has consistently and vigorously defended claims
that are without merit.
UK asbestos-related provision
In the UK, there are outstanding asbestos-related claims that are not the
subject of insurance cover. The extent of the UK asbestos exposure involves a
series of legacy employer's liability claims that all relate to former UK
operations and employment periods in the 1950s to 1970s. In 1989, the Group's
employer's liability insurer (Chester Street Employers Association Ltd) was
placed into run-off, which effectively generated an uninsured liability
exposure for all future long-tail disease claims with an exposure period
pre-dating 1 January 1972. All claims with a disease exposure post 1 January
1972 are fully compensated via the government-established Financial Services
Compensation Scheme. Any settlement to a former employee whose service period
straddles 1972 is calculated on a pro rata basis. The Group provides for these
claims based on management's best estimate of the likely costs given past
experience of the volume and cost of similar claims brought against
the Group.
The UK provision was reviewed and adjusted accordingly for claims experience
in the year, resulting in a provision of £1.7m (2024: £1.8m).
Employee-related
Employee-related provisions arise from legal obligations in a number of
territories in which the Group operates, the majority of which relate to
compensation associated with periods of service. A large proportion of the
provision is for long service leave. The outflow is generally dependent upon
the timing of employees' period of leave with the calculation of the majority
of the provision being based on criteria determined by the various
jurisdictions.
Exceptional items
The exceptional items provision relates to exceptional charges included within
note 5 where the cost is based on a reliable estimate of the obligation.
The opening balance of £16.0m largely comprises £14.4m relating to
Performance Excellence initiatives, of which £8.3m relates to capacity
optimisation costs and £6.1m to functional transformation.
Additions in the period were £31.0m, of which £15.7m relates to Corporate
entities and includes additions relating to Performance Excellence functional
transformation costs and acquisition & integration costs. A further
£15.3m in the Minerals Division relates largely to Performance Excellence
capacity optimisation initiatives. More detail can be found in note 5
Adjusting Items. The provision utilisation in the period of £19.2m primarily
relates to the cash settlement of costs associated with the Performance
Excellence initiatives and Micromine acquisition costs.
The closing balance of £27.0m includes £21.4m in Minerals entities largely
relating to capacity optimisation initiatives in Australasia and Europe,
Middle East and Africa. The balance of £5.6m is held within Corporate
entities and relates to functional transformation costs as well as costs
relating to the acquisition & integration of Micromine.
Other
Other provisions include environmental obligations, penalties, duties due,
legal claims and other exposures across the Group. These balances typically
include estimates based on multiple sources of information and reports from
third-party advisers. The timing of outflows is difficult to predict as many
of them will ultimately rely on legal resolutions and the expected conclusion
is based on information currently available. Where certain outcomes are
unknown, a range of possible scenarios is calculated, with the most likely
being reflected in the provision.
13. Interest-bearing loans & borrowings
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Current
29.5 Bank overdrafts 1.5 280.3
- Fixed-rate notes 96.9 -
25.7 Lease liabilities 22.8 21.8
55.2 121.2 302.1
Non-current
(2.1) Bank loans 570.0 47.6
936.6 Fixed-rate notes 837.5 929.1
101.3 Lease liabilities 123.8 110.8
1,035.8 1,531.3 1,087.5
The Group operates a notional cash pooling arrangement in which individual
balances are not offset for reporting purposes as the Group do not intend to
settle on a net basis. Cash and short-term deposits at 30 June 2025 includes
£nil (2024: £280.3m) that is part of this arrangement and both cash and
interest-bearing loans and borrowings are grossed up by this amount.
The Group utilises a number of sources of funding including
Sustainability-Linked Notes, Bond Notes, revolving credit facility, term loan
and uncommitted facilities.
In February 2025, the Group entered into an Australian Dollar $1,200m term
loan facility with a syndicate of 12 banks to finance its purchase of
Micromine. The facility is due to mature in February 2026 with an option to
extend to February 2027.
In May 2025, the Group completed the issue of five-year US$950m Bond Notes due
to mature in May 2030. Using the cash from this issuance, the Group elected to
buy back some of its existing notes. This reduced its US$800m and £300m
Sustainability-Linked Notes to US$133.1m and £150m which are due to mature in
May 2026 and May 2028 respectively. Unamortised issue costs were also released
in line with the reduction.
At 30 June 2025, £nil (2024: £47.6m) was drawn under the multi-currency
revolving credit facility which is disclosed net of unamortised issue costs of
£1.9m (2024: £2.4m).
At 30 June 2025, a total of £571.9m (2024: £nil) was outstanding under term
loan which is disclosed net of unamortised issue costs of £3.2m (2024:
£nil).
At 30 June 2025, a total of £246.2m (2024: £929.1m) was outstanding under
Sustainability-Linked Notes which is disclosed net of unamortised issue costs
of £0.8m (2024: £3.7m).
At 30 June 2025, a total of £687.7m (2024: £nil) was outstanding under Bond
Notes which is disclosed net of unamortised issue costs of £5.1m (2024:
£nil).
At 30 June 2025, a total of £0.5m (2024: £nil) was outstanding under other
fixed-rate notes.
14. Pensions & other post-employment benefit plans
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
32.6 Plans in surplus 29.8 33.9
(23.3) Plans in deficit (19.3) (24.3)
9.3 Net asset 10.5 9.6
The IAS 19 funding position across the Group's legacy UK and North American
schemes increased from a net surplus of £9.3m at 31 December 2024 to a net
surplus of £10.5m at 30 June 2025. This is primarily due to a financial
assumptions gain of £7m, driven by a rise in the IAS 19 discount rate and a
fall in RPI inflation, offset by losses on assets (inclusive of the impact on
insured assets) of £7m. Within ESCO, there was a £1m settlement gain on one
of their Canadian plans resulting from the settlement of liabilities with an
insurer on route to winding up the plan.
15. Derivative financial instruments
The Group enters into derivative financial instruments in the normal course of
business in order to hedge its exposure to foreign exchange risk. Derivatives
are only used for economic hedging purposes and no speculative positions are
taken. Derivatives are recognised as held for trading and at fair value
through profit and loss unless they are designated in IFRS 9 'Financial
Instruments' compliant hedge relationships.
The following table below summarises the types of derivative financial
instrument included within each balance sheet category.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Included in current assets
1.1 Forward foreign currency contracts designated as cash flow hedges 0.8 0.3
1.7 Forward foreign currency contracts designated as fair value hedges - 0.6
7.9 Other forward foreign currency contracts 6.2 2.9
10.7 7.0 3.8
Included in current liabilities
(0.3) Forward foreign currency contracts designated as cash flow hedges (0.3) (0.8)
(0.4) Forward foreign currency contracts designated as fair value hedges - (1.5)
(9.4) Other forward foreign currency contracts (6.8) (3.3)
(10.1) (7.1) (5.6)
0.6 Net derivative financial (liabilities) assets (0.1) (1.8)
Carrying amounts & fair values
Financial assets and liabilities (with the exception of derivative financial
instruments) are initially recognised at fair value net of transaction costs.
Subsequently they are recognised at either fair value or amortised cost.
Derivative financial instruments are initially recognised at fair value and
subsequently remeasured at fair value.
The Group uses the following hierarchy for determining and disclosing the fair
value of financial instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or
liabilities;
Level 2: Other techniques for which all inputs that have a significant effect on the
recorded fair value are observable, either directly or indirectly;
Level 3: Techniques which use inputs which have a significant effect on the recorded
fair value that are not based on observable market data.
Set out below is a comparison of carrying amounts and fair values of all of
the Group's financial instruments that are reported in the financial
statements.
Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value
31 December 2024 31 December 2024 30 June 2025 30 June 2025 30 June 2024 30 June 2024
£m £m £m £m £m £m
Financial assets
7.9 7.9 Derivative financial instruments recognised at fair value through profit or 6.2 6.2 2.9 2.9
loss
2.8 2.8 Derivative financial instruments in designated hedge accounting relationships 0.8 0.8 0.9 0.9
510.3 510.3 Trade & other receivables excluding statutory assets, prepayments & 537.2 537.2 530.6 530.6
construction contract assets
- - Equity investments 14.6 14.6 - -
556.4 556.4 Cash & short-term deposits 439.2 439.2 651.9 651.9
1,077.4 998.0 1,186.3
Financial liabilities
9.4 9.4 Derivative financial instruments recognised at fair value through profit or 6.8 6.8 3.3 3.3
loss
0.7 0.7 Derivative financial instruments in designated hedge accounting relationships 0.3 0.3 2.3 2.3
0.6 0.6 Deferred consideration payable - - 0.6 0.6
Amortised cost:
936.6 923.5 Fixed-rate borrowings 934.4 949.6 929.1 906.6
(2.1) (2.1) Floating-rate borrowings 570.0 603.3 47.6 47.6
127.0 n/a Leases 146.6 n/a 132.6 n/a
29.5 29.5 Bank overdrafts 1.5 1.5 280.3 280.3
476.6 476.6 Trade & other payables excluding statutory liabilities & contract 422.0 422.0 421.5 421.5
liabilities
1,578.3 2,081.6 1,817.3
The Group operates a notional cash pooling arrangement in which individual
balances are not offset for reporting purposes. Cash and short-term deposits
at 30 June 2025 includes £nil (2024: £280.3m) that is part of this
arrangement and both cash and interest-bearing loans and borrowings are
grossed up by this amount.
Assets and liabilities recognised at amortised cost:
The fair value of Sustainability-Linked Notes and Bond Notes within fixed-rate
borrowings have been assessed as a level 1 fair value measurement as their
balance is calculated using quoted market prices. All other financial assets
and liabilities carried at cost require level 2 fair value measurement for
disclosure purposes. The fair value of other fixed-rate borrowings is
estimated by discounting future cash flows using rates currently available for
debt on similar terms, credit risk and remaining maturities. The fair value of
floating-rate borrowings approximates the carrying value due to the variable
nature of the interest terms. The carrying amount of lease liabilities is
estimated by discounting future cash flows using the rate implicit in the
lease or the Group's incremental borrowing rate. The fair value of cash and
short-term deposits, trade and other receivables and trade and other payables
approximates their carrying amount due to the short-term maturities of these
instruments. As such, disclosure of the fair value hierarchy for these items
is not required.
Assets and liabilities recognised at fair value:
The Group enters into derivative financial instruments with various
counterparties, principally financial institutions with investment grade
credit ratings. The derivative financial instruments are valued using
valuation techniques with market observable inputs including spot and forward
foreign exchange rates, interest rate curves, counterparty and own credit
risk. The fair value of cross-currency swaps is calculated as the present
value of the estimated future cash flows based on spot and forward foreign
exchange rates. The fair value of forward foreign currency contracts is
calculated as the present value of the estimated future cash flows based on
spot and forward foreign exchange rates.
For financial instruments that are recognised at fair value on a recurring
basis, the Group determines whether transfers have occurred between levels in
the hierarchy by re-assessing categorisation (based on the lowest level input
that is significant to the fair value measurement as a whole) at the end of
each reporting period. The Group holds all financial instruments recognised at
fair value at level 2 with the exception of contingent consideration which is
a level 3 fair value measurement. The current fair value of contingent
consideration is nil and further detail regarding the basis of valuation is
included in note 11. During the 6 months ended 30 June 2025 and the year
ended 31 December 2024, there were no transfers between level 1 and level 2
fair value measurements and no transfers into or out of level 3 fair value
measurements.
16. Additional cash flow information
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m Notes £m £m
Total operations
Adjusted operating cash flow
391.0 Operating profit - continuing operations 189.3 187.7
(2.9) Operating loss - discontinued operations 7 - (0.9)
388.1 Operating profit 189.3 186.8
63.3 Exceptional and other adjusting items 5 39.0 16.2
32.7 Amortisation of intangible assets 13.2 18.9
(1.9) Share of results of joint ventures (0.7) (1.4)
45.9 Depreciation of property, plant & equipment 23.4 22.7
31.9 Depreciation of right-of-use assets 15.3 15.7
0.1 Impairment of property, plant & equipment - -
(0.4) Grants received - -
0.9 Gains on disposal of property, plant & equipment 0.7 (0.1)
(0.4) Funding of pension & post-retirement costs (1.4) -
10.4 Employee share schemes 6.0 5.3
7.5 Transactional foreign exchange (0.7) 3.9
5.1 Increase (decrease) in provisions 0.7 0.5
583.2 Adjusted operating cash flow before working capital cash flows 284.8 268.5
2.0 (Increase) decrease in inventories (59.0) (18.0)
(19.3) Decrease (increase) in trade & other receivables & construction 16.2 (20.4)
contracts
25.2 (Decrease) increase in trade & other payables & construction contracts (49.8) (32.3)
591.1 Adjusted operating cash flow 192.2 197.8
(30.7) Exceptional and other adjusting cash items (27.2) (16.1)
(110.5) Income tax paid (65.7) (59.1)
449.9 Net cash generated from operating activities 99.3 122.6
The following tables summarise the cash flows arising on acquisitions (note
11) and disposals (note 7).
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Acquisitions of subsidiaries
- Acquisition of subsidiaries - cash paid 634.5 -
- Cash & cash equivalents acquired (9.9) -
- Acquisition of subsidiaries - current period acquisitions 624.6 -
- Total cash outflow on current period acquisitions 624.6 -
1.0 Prior period acquisitions - deferred consideration paid 0.6 1.0
1.0 Total cash outflow relating to acquisitions 625.2 1.0
Net cash outflow arising on disposals
1.8 Prior period disposals - 1.8
1.8 Total cash outflow relating to disposals - 1.8
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Cash & cash equivalents comprise the following
556.4 Cash & short-term deposits 439.2 651.9
(29.5) Bank overdrafts & short-term borrowings (1.5) (280.3)
526.9 437.7 371.6
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
Net debt comprises the following
556.4 Cash & short-term deposits 439.2 651.9
(55.2) Current interest-bearing loans & borrowings (note 13) (121.2) (302.1)
(1,035.8) Non-current interest-bearing loans & borrowings (note 13) (1,531.3) (1,087.5)
(534.6) (1,213.3) (737.7)
Reconciliation of financing cash flows to movement in net debt
Opening balance at 31 December 2024 Cash movements Additions/acquisitions FX Non-cash movements Closing balance at 30 June 2025
£m £m £m £m £m £m
Cash & cash equivalents 526.9 (60.7) 9.9 (38.4) - 437.7
Third-party loans (939.6) (636.1) - 60.3 - (1,515.4)
Leases (127.0) 15.5 (41.0) 5.9 - (146.6)
Unamortised issue costs 5.1 8.8 - (0.1) (2.8) 11.0
Amounts included in gross debt (1,061.5) (611.8) (41.0) 66.1 (2.8) (1,651.0)
Amounts included in net debt (534.6) (672.5) (31.1) 27.7 (2.8) (1,213.3)
Financing derivatives 2.3 (13.3) - - 8.3 (2.7)
Total financing liabilities(1) (1,059.2) (625.1) (41.0) 66.1 5.5 (1,653.7)
( )
Opening balance at 30 June 2024 Cash movements Additions/acquisitions FX Non-cash movements Closing balance at 31 December 2024
£m £m £m £m £m £m
Cash & cash equivalents 371.6 165.0 - (9.7) - 526.9
Third-party loans (982.8) 49.4 - (6.2) - (939.6)
Leases (132.6) 9.4 (7.0) 3.2 (127.0)
Unamortised issue costs 6.1 - - - (1.0) 5.1
Amounts included in gross debt (1,109.3) 58.8 (7.0) (3.0) (1.0) (1,061.5)
Amounts included in net debt (737.7) 223.8 (7.0) (12.7) (1.0) (534.6)
Financing derivatives (0.9) 1.0 - - 2.2 2.3
Total financing liabilities(1) (1,110.2) 59.8 (7.0) (3.0) 1.2 (1,059.2)
(1 Total financing liabilities comprise gross debt plus other liabilities
relating to financing activities.)
17. Related party disclosure
The following table provides the total amount of significant transactions
which have been entered into by the Group with related parties for the
relevant financial period and outstanding balances at the period end.
Year ended 6 months ended 6 months ended
31 December 2024 30 June 2025 30 June 2024
£m £m £m
1.0 Sales of goods to related parties - joint ventures 0.7 0.4
0.1 Sales of services to related parties - joint ventures 0.1 0.1
17.3 Purchases of goods from related parties - joint ventures 8.2 9.2
4.8 Amounts owed to related parties - joint ventures 4.9 6.0
2.8 Amounts owed to related parties - group pension plans 1.1 1.8
0.3 Amounts owed by related parties - joint ventures 0.4 0.3
18. Legal claims
The Company and certain subsidiaries are, from time-to-time, party to legal
proceedings and claims that arise in the normal course of business. Provisions
have been made where the Directors have assessed that a cash outflow is
probable. All other claims are believed to be remote or are not yet ripe.
19. Exchange rates
The principal exchange rates applied in the preparation of these financial
statements were as follows.
Year ended 6 months ended 6 months ended
31 December 2024 Average rate (per £) 30 June 2025 30 June 2024
1.28 US Dollar 1.30 1.27
1.94 Australian Dollar 2.05 1.92
1.18 Euro 1.19 1.17
1.75 Canadian Dollar 1.83 1.72
1,205.92 Chilean Peso 1,238.99 1,189.70
23.42 South African Rand 23.86 23.69
6.89 Brazilian Real 7.47 6.43
9.20 Chinese Yuan 9.41 9.13
106.94 Indian Rupee 111.65 105.30
Closing rate (per £)
1.25 US Dollar 1.37 1.26
2.02 Australian Dollar 2.09 1.89
1.21 Euro 1.17 1.18
1.80 Canadian Dollar 1.87 1.73
1,247.41 Chilean Peso 1,278.02 1,192.23
23.65 South African Rand 24.30 23.05
7.72 Brazilian Real 7.46 7.03
9.14 Chinese Yuan 9.82 9.19
107.17 Indian Rupee 117.53 105.41
Directors' Statement of Responsibilities
The Directors confirm that these condensed interim financial statements have
been prepared in accordance with UK-adopted International Accounting Standard
34 'Interim Financial Reporting', and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct Authority and that
the interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
a. an indication of important events that have occurred during the first
six months and their impact on the condensed set of financial statements, and
a description of the principal risks and uncertainties for the remaining six
months of the financial year; and
b. material related-party transactions in the first six months and any
material changes in the related party transactions described in the last
annual report.
A list of current directors is maintained on The Weir Group PLC website which
can be found at www.global.weir
(file:///C%3A/Users/124713/Downloads/www.global.weir) .
On behalf of the Board
Brian Puffer
Chief Financial Officer
31 July 2025
Independent review report to The Weir Group PLC
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed The Weir Group PLC's condensed consolidated interim financial
statements (the "interim financial statements") in the Interim Report of The
Weir Group PLC for the 6 month period ended 30 June 2025 (the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
• the Consolidated Balance Sheet as at 30 June 2025;
• the Consolidated Income Statement and Consolidated
Statement of Comprehensive Income for the period then ended;
• the Consolidated Cash Flow Statement for the period
then ended;
• the Consolidated Statement of Changes in Equity for
the period then ended; and
• the explanatory notes to the interim financial
statements.
The interim financial statements included in the Interim Report of The Weir
Group PLC have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the Interim Report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The Interim Report, including the interim financial statements, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the Interim Report in accordance with the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority. In preparing the Interim Report, including the interim
financial statements, the directors are responsible for assessing the group's
ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the group or to cease
operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the Interim Report based on our review. Our conclusion,
including our Conclusions relating to going concern, is based on procedures
that are less extensive than audit procedures, as described in the Basis for
conclusion paragraph of this report. This report, including the conclusion,
has been prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We do not, in
giving this conclusion, accept or assume responsibility for any other purpose
or to any other person to whom this report is shown or into whose hands it may
come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
Glasgow
31 July 2025
Shareholder Information
The Board has approved an interim dividend of 19.6p for 2025 (2024: 17.9p).
Financial Calendar
Ex-dividend date for interim dividend
2 October 2025
Record date for interim dividend
3 October 2025
Shareholders on the register at this date will receive the dividend
Interim dividend paid
4 November 2025
Our Interim Report will be available shortly to download from The Weir Group
PLC website at www.global.weir (http://www.global.weir)
Disclaimer
This information includes 'forward-looking statements'. All statements other
than statements of historical fact included in this presentation, including,
without limitation, those regarding The Weir Group PLC's (the "Group")
financial position, business strategy, plans (including development plans and
objectives relating to the Group's products and services) and objectives of
management for future operations, are forward-looking statements. These
statements contain the words "anticipate", "believe", "intend", "estimate",
"expect" and words of similar meaning. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors that could
cause the actual results, performance or achievements of the Group to be
materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. Such forward-looking
statements are based on numerous assumptions regarding the Group's present and
future business strategies and the environment in which the Group will operate
in the future. These forward-looking statements speak only as at the date of
this document. The Group expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Group's expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statement is based. Past business and financial performance cannot be relied
on as an indication of future performance.
Registered office and company number
1 West Regent Street
Glasgow
G2 1RW
Scotland
Registered in Scotland
Company number: SC002934
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