The following is a summary of the The Weir Group PLC (WEIGF) 2023 Full Year Results Earnings Call Transcript:

Financial Performance:

• Weir Group saw a 9% increase in revenue, delivering within the target range for cash conversion.

• Operating profit rose 18% from last year with margins at 17.4%, exceeding their 2023 target.

• Earnings per Share increased 18% to 115.9p per share. Capital expenditure also increased, but free operating cash conversion stayed within the target range at 85%.

• Net debt reduced to 1.1x EBITDA, and return on capital employed increased by 280 basis points to 18%.

• The company anticipates growth in revenue, profit, and operating margin expansion in 2024.

• Weir Group has set a target operating margin of 20% in 2026 and committed to improving cash generation from 2024 onwards.

Business Progress:

• The company began sea production at Ironbridge with their energy and water-saving high pressure grinding rolls.

• Significant progress was made with Synertrex, which is now active on around 400 pieces of equipment at over 60 mines.

• Weir Group acquired SentianAI to boost their digital capability and plans to accelerate the rollout of their process optimization solutions.

• The company launched new training and leadership programs, setting up new chapters of the Weir Women's Network global affinity group.

• A noticeable shift towards High-Pressure Grinding Rolls (HPGRs) was observed, presenting commercial and ESG opportunities.

• Weir Group plans further investments in bolt-on acquisitions to boost its organic growth strategy and expects to deliver growth and margin expansion in 2024.

More details: WEIR GROUP IR

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