StockMarketWire.com - Engineering company Weir booked a full-year loss after it booked a writedown on the sale of its oil and gas business and focused its attention on the mining sector.

Pre-tax losses for the year through December amounted to £149 million, compared to losses of £379 million year-on-year, and included a £209 million impairment charge.

Revenue edged back 1% to £1.97 billion, while adjusted pre-tax profit fell 5% to £255 million.

Weir did not declare any dividends for the year.

On current trading, Weir said it had made a 'good start' to 2021 following a 14% sequential improvement in orders in the fourth quarter of 2020.

'The group delivered a highly resilient performance in what was an extraordinary year,' chief executive Jon Stanto said.

'We've had a good start to 2021 and we expect to deliver growth in full year constant currency profits subject to any further disruption from the ongoing Covid-19 pandemic.'

'More broadly, underlying conditions are favourable and with the strong platform we've created we're confident of outperforming our markets over the next three years and delivering sustainable long-term profitable growth.'




Story provided by StockMarketWire.com