Weir’s Interim Results 2003

29.09.2003

The Group's continuing operations delivered a good financial performance growing input, turnover and profit despite challenging market conditions.

Results for 26 weeks ended 27 June 2003 (unaudited)

Highlights

Group results 2003
Turnover£393.7m -7.6%
Operating profit¹£26.7m +0.5%
Pre-tax profit¹£23.6m -7.8%
Earnings per share¹8.9p-8.2%
Dividend+3.1%
Order input²£368.4m+0.7%

Continuing operations 2003³
Turnover£393.7m +1.1%
Operating profit¹£26.7m +13.5%
Pre-tax profit¹£23.6m +1.9%
Order input²£368.4m +4.6%

¹ Excluding goodwill amortisation & exceptionals

² Excluding joint ventures and associates; calculated at constant 2003 exchange rates

³ Excludes discontinued businesses

The Chairman of The Weir Group, Sir Robert Smith, commented: "During the first half of 2003, the Group's continuing operations delivered a good financial performance growing input, turnover and profit despite challenging market conditions.

The year to date has been shaped by the successful execution of our operational initiatives delivering reduced costs and improving efficiencies when compared to the same period in 2002. The strong momentum behind these activities is expected to continue to deliver improving performances into the second half of the year.

The continued economic uncertainty in a number of our sectors makes it difficult to be definite in our outlook for the remainder of 2003. However, on balance, we anticipate the level of second half performance for continuing operations will be broadly in line with those of last year. Furthermore Weir's solid balance sheet, when combined with our programmes for new product and market developments, ensures we are well positioned for future growth."

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