RNS Number : 7934V

Weir Group PLC

06 December 2023

Weir announces 2026 operating margin target of 20%

The Weir Group PLC will today hold a Capital Markets Event via live webcast.

The event will focus on our journey to sustainably higher operating margins, and how we will achieve an operating margin of 20% in 2026, through:

- Operating leverage: Delivering on our growth prospects from smart, efficient and sustainable mining

   -     Performance Excellence: Target upgraded from GBP30m to GBP60m in absolute savings in 2026 

Jon Stanton, Chief Executive Officer, said:

" Today, I am delighted to announce our new Group operating margin target of 20% in 2026. Since completing our portfolio transformation in 2021, we have been on a journey to sustainably higher margins and are on track to deliver an operating margin of 17% this year.

"I am confident and excited to move into this next phase, with our margin expansion journey well underpinned. Strong structural growth trends in our markets, the benefits of our resilient compounding business model and opportunities from our Performance Excellence transformation programme mean we are well placed to deliver excellent outcomes for all stakeholders as a focused mining technology leader."

Conditions in our markets and the 2023 guidance provided in our Q3 trading update of 1 November 2023 are unchanged.

The presentation for the event will be made available at www.global.weir/investors at 2pm (GMT) today. Interested parties can also use this link to register for the event.

A recording of the webcast will be made available following the event.

 Investors: Edward Pears    +44 (0) 141 308 3725 
  Media: Sally Jones         +44 (0) 141 308 3666 
  Citigate Dewe Rogerson:    +44 (0) 207 638 9571 
  Kevin Smith                Weir@citigatedewerogerson.com 

About The Weir Group PLC

Founded in 1871, The Weir Group PLC is one of the world's leading engineering businesses with a purpose to make its mining and infrastructure customers' operations more sustainable and efficient. Weir's highly engineered technology enables critical resources to be produced using less energy, water and waste while reducing customers' total cost of ownership. The Group is ideally positioned to benefit from structural trends that support long-term demand for its technology including the need for more essential metals to support economic development and carbon transition. The Group has c.12,000 employees operating in over 60 countries with a presence in every major mining region of the world. Find out more at www.global.weir .

Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and its American Depositary Receipts trade over-the-counter in the USA (ticker: WEGRY).

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(END) Dow Jones Newswires

December 06, 2023 02:00 ET (07:00 GMT)

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