Weir Group PLC on Thursday reported a double-digit climb in its annual profit, and upped its full-year dividend.

The London-based speciality chemicals and sustainable technology firm said pretax profit jumped 23% to £320.7 million in 2023 from £260.2 million the year before.

This was driven by a 6.5% increase in revenue to £2.63 billion, from £2.47 billion in 2022. The firm credited ‘strong execution, delivery of our record opening order book and price realisation’.

Weir declared a full-year dividend of £38.6 pence per share, up 18% from 32.8p the year before.

Looking ahead, the firm said a continued favourable backdrop in mining and softer year-on-year order comparatives in oil sands and infrastructure, underpins its confidence in delivering growth in constant currency revenue, profit and operating margins.

Chief Executive Officer Jon Stanton said: ‘In 2023 we made significant progress against these goals, taking advantage of positive mining production trends to win market share and grow orders in our mining after market business, while making good progress with our technology focused growth initiatives. We executed well, delivering strong growth in revenue and profit, expanding operating margins in excess of our 2023 target, achieving consistent cash conversion and significant improvement in return on capital employed.

‘As we go into 2024, we have a growing installed base, a strong order book and ore production trends in our mining markets are positive. We expect to deliver another year of growth in revenue, profit and cash generation, and to further expand our operating margins with progress towards our 2026 target of 20%,’ he added.

Shares in Weir were down 3.0% at 1,820.50p each in London on Thursday morning.

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