Weir Group H1 Results Down; Guidance Remains Withdrawn - Quick Facts

(RTTNews) - Weir Group's (WEIR.L) reported profit before tax for the first-half of 2020 was £63 million or 31.5p per share compared to £106 million or 42.2p per share last year.

Reported profit after tax declined to £46 million or 17.6p per share from £53 million or 203p per share in the prior year period.

Revenue for the period dropped 18% to £1.095 billion from £1.329 billion generated a year ago.

Jon Stanton, Weir Group Chief Executive Officer said, "As we look ahead, while the business is performing well, it is too early to provide guidance on the full year given ongoing uncertainty due to Covid-19. More broadly, the long-term outlook for mining remains positive, supported by demographic trends, carbon transition, the long-term decline in ore grades and the need to reduce waste and water and energy consumption. Weir is ideally placed to help make our mining customers' operations smarter, more efficient and sustainable and we look forward to unlocking more of these opportunities in the future."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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