Weir Group PLC on Wednesday announced a 20% operating margin target for 2026.

Ahead of its capital markets’ event on Wednesday, the London-based speciality chemicals and sustainable technology firm upgraded its savings target to £60 million for 2026, from its previous £30 million aim.

Weir added that its 2023 guidance remains unchanged, and is on track to deliver an operating margin of 17% for the full year.

Chief Executive Officer Jon Stanton said: ‘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.’

Shares in Weir rose 3.9% to 1,937.00 pence each in London on Wednesday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.