Shares in Weir Group PLC (LSE:WEIR), the pumps specialist, were up 7.6% in the first hour of trade after its annual results exceeded expectations.
The company posted pre-tax profits of £260.2mln in 2022, up 24% from the same period a year earlier.
Shore Capital said the result was around 4% ahead of the consensus forecast.
The broker, which rates Weir shares ‘buy’, said in a note after the results: “The statement highlights long-term fundamentals for mining and its business remain highly attractive while targeting [an] adjusted operating margin of 17% beyond 2023 and 90-100% free operating cash conversion.”
Of the 18 banks and brokerages logged as following Weir, 14 are positive on the stock. The consensus price target is 1,968p.
In early trade, the shares were changing hands for 2,043p, up 145p.