Updates from Meggitt and Weir Group
Overnight in Asia, a stronger yen saw pressure on some stocks with the Nikkei 225 falling -0.35% to 13,820.
%VIRTUAL-SkimlinksPromo%First off, an interim from aerospace and defence player Meggitt covering the period 1 January to 30 April. Meggitt says revenues grew "modestly" in the first quarter of 2013 and it expects mid-single-digit revenue growth for the year.
Growth will accelerate in the second half reflecting the anticipated recovery in civil aftermarket says the company. Full year revenues for the last full year climbed +10% with its energy business seeing revenues climbing +45%.
"The financial position of the Group remains very strong," says Meggitt chairman Sir Colin Terry, "and we expect further improvement driven by our ongoing focus on cash generation."
Next, an interim from engineering operator Weir Group. Trading for the period 29 December 2012 to 30 April 2013 is described as "resilient" and guidance for the full year is unchanged.
Weir expects low single digit revenue growth and broadly stable margins, with lower first half revenues and margins offset by growth in the second half, supported by gradual economic and end market improvement.
Order input for Minerals for the 13 weeks was down -6% against the prior year period and original equipment input was -23% lower than the prior year period, when a number of large project orders were received.
Finally Xstrata, which suspends shares from trading on the London Stock Exchange in preparation for the merger of Xstrata and Glencore. The new merger of Glencore Xstrata had recently been sanctioned by the High Court of Justice of England and Wales.
The new scheme and the merger should become effective from tomorrow, 2 May. The last hurdle was cleared earlier last month when China's Ministry of Commerce approved the merger, subject to certain commitments.
Commodity prices on a range of fronts remain volatile while the global economic environment is so uneven.