Weir Group posts 5% increase in Q1 orders, reiterates 2025 outlook

Mining solutions firm Weir Group (LON: WEIR) on Thursday posted strong operating results for the first quarter of 2025, headlined by a 5% year-on-year rise in equipment orders and an improved book-to-bill ratio of 1.11.

For its original equipment (OE), the Scottish company saw robust demand from brownfield expansion projects, resulting in a 6% increase in orders, including £18 million for its GEHO displacement pumps to be delivered to a nickel expansion project in Indonesia.

The group also recorded a 9% increase in aftermarket (MA) orders, supported by strong mine production and installed base expansion. However, MA orders for its ESCO excavator buckets were slightly down due to timing.

Shares of Weir Group traded 4.5% higher in London on the Q1 trading update, giving the company a market capitalization of £6 billion.

“We began the year with a record pipeline, which is converting in line with our expectations as customers capitalize on supportive prices for commodities enabling the energy transition. I am especially pleased with the growth in aftermarket orders which reflect the strength of our business model as newly installed equipment, particularly HPGRs, are commissioned,” CEO Jon Stanton said in a news release.

Stanton also noted that the company’s acquisition of Micromine, which was announced in February, is on track for completion in the week of April 28.

“Through our combined digital technology offering, we are well positioned to drive further productivity and sustainability impact across the global mining industry,” Stanton said.

Looking ahead, Weir reiterated its 2025 guidance of strong order book and activity levels in AM, leading to growth in constant currency revenue, operating profit and operating margin. Management is anticipating a 50-basis-point margin improvement over 2024.

In light of the tariff war, the company said it has begun rerouting US orders to domestic sites and is in discussions regarding pricing adjustments, which it expects to mitigate the direct impacts for the fiscal year.

“Solid start to 2025 with supportive order growth and no change to expectations for the FY,” an analyst from RBC noted. “In our view, the underlying performance of Weir Minerals highlights not just a top-tier mining equipment play, but also traits comparable to those of much higher-rated ‘quality’ names in our wider coverage.”