Weir has reported record demand for spares and equipment, driving adjusted operating profit up by a quarter to £395m.
The Glasgow-based group's results for the year ended 31 December 2022 also showed that on a constant currency basis, year-on-year order growth stood at 14%.
Demand for asset management was particularly strong and constant currency orders grew 17% year-on-year, reaching record levels.
In original equipment, constant currency orders were up 3% year-on-year. Orders in the prior year included the £36m Ferrexpo HPGR and £32m Indonesia electric pumps orders. Excluding these large orders from the prior year comparator, constant currency orders were up 16%.
Revenue was 21% higher on a constant currency basis as Weir converted its order book.
Also during the year, Weir lowered net debt to earnings, while agreeing a new £300m debt facility last month.
The board has announced a 38% increase in full-year dividend to 32.8p, with expectations of another year of growth in 2023.
Indeed, the group is currently on track to deliver target of 17% operating margin this year.
Chief executive Jon Stanton said that the value creation opportunity is compelling.
”The mining industry is playing a crucial role in meeting the twin demands for decarbonisation and economic growth, resulting in multi-decade demand growth for critical metals.
”We are making mining smarter, more efficient and sustainable - we are growing faster than our markets, strengthening margins and cash and reducing our CO2 footprint.
”We are underpinning our continued progress through our commitment to our future technology roadmap with increased investment in R&D, and a sharper focus on execution through performance excellence.
”Reflecting high levels of confidence in this strategy to deliver long-term sustainable profitable growth, the board has approved a final dividend of 19.3p, an increase of 57% on 2021.”
After completing her full nine-year term, Mary Jo Jacobi will be stepping down from the board at the next AGM and Ebbie Haan has decided not to seek re-election.
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