Updates

Weir

October 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Weir, the manufacturer of industrial pumps and valves for the mining and oil & gas industries, reported interim results marginally ahead with turnover up 29% to Â£1,325m and pretax profit increasing 27% to Â£226m. Eps also rose 27% to 76.4p (against Bank of America forecasts of 75.4p). As previously flagged, Weir's oil & gas division was affected by the realignment in customer activity away from gas to liquids focused drilling rigs while aftermarket activity was impacted by a knock-out bout of industry over-stocking, which caused a more competitive environment. Given these problems it was phenomenal that the division reported a 46% rise in operating profit to Â£123m on turnover which rose 49% to Â£492m and management have ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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