Weir Group PLC (LSE:WEIR) sought to calm investor nerves over the potential fallout from US President Donald Trump’s sweeping trade tariffs, saying it expects to “mitigate” any impact and is standing by its full-year guidance.
In a trading update for the first quarter, the FTSE 100 engineering firm said robust global mining activity is driving strong demand for its equipment and services.
Original equipment orders were up 5% year on year, helped by a notable £18 million order for its GEHO pumps, while aftermarket business also rose 5%, buoyed by newly commissioned mining projects.
The company reaffirmed its forecast for growth in constant currency revenue, operating profit and margin for 2025, and expects free operating cash conversion of 90% to 100%.
Despite the uncertainty surrounding US trade policy, Weir said it is confident in its ability to deliver on expectations.
Weir is progressing with its internal “Performance Excellence” programme, which aims to generate £80 million of cumulative savings by 2026.
Meanwhile, its acquisition of mining software firm Micromine is expected to close shortly, broadening its technology offering.
With a strong order book and solid cash generation, Weir said it remains well placed to deliver long-term value.
"Looking forward, we are executing well against the commitments set out in our equity case," said CEO Jon Stanton.
"We expect orders to continue to develop positively, and we reiterate our 2025 guidance of growth in constant currency revenue and operating profit, together with achievement of our margin and cash conversion targets."