Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

The Weir Group PLC (WEIR)

  Print      Mail a friend       Annual reports

Wednesday 30 March, 2011

The Weir Group PLC

Annual Financial Report

                                                                   30 March 2011

                               The Weir Group PLC

               2010 Annual Report and 2011 Annual General Meeting

The  following documents have  today been posted  or otherwise made available to

1. 2010 Annual Report

2. Notice of 2011 Annual General Meeting

3. Form of Proxy for the 2011 Annual General Meeting

In accordance with Listing Rule 9.6.1 a copy of each of these documents has been
uploaded  to the  National Storage  Mechanism and  will be available for viewing
shortly at

The  Company's 2011 Annual General  Meeting will be  held at the Radisson Hotel,
301 Argyle Street, Glasgow on Wednesday 4 May 2011, commencing at 11am.

The  documents are also available on the Company's website at and
in  hard copy to shareholders upon request to Investor Relations, The Weir Group
PLC, Clydesdale Bank Exchange, 20 Waterloo Street, Glasgow G2 6DB

The  information below, which is extracted  from the Annual Report and Financial
Statements  for the 52 weeks ended  31 December 2010 (the "2010 Annual Report"),
is  included  solely  for  the  purpose  of  complying  with  DTR  6.3.5 and the
requirements  it imposes on  issuers as to  how to make  public annual financial
reports.  It should be  read in conjunction  with the Company's 2010 Preliminary
Results  Announcement  issued  on  8 March  2011. Together  these constitute the
material  required by DTR 6.3.5 to be communicated to the media in unedited full
text through a Regulatory Information Service. This material is not a substitute
for  reading the full  2010 Annual Report. Page  numbers and cross-references in
the following appendices refer to page numbers and cross-references in the 2010
Annual Report.


Appendix A - Principal risks & uncertainties

The principal risks and uncertainties relating to The Weir Group PLC are set out
on pages 34 to 36 of the 2010 Annual Report.  The following is extracted in full
and unedited form from the 2010 Annual Report.

Risk  is inherent in  the Group's business  activities and, as  a consequence of
operating  a comprehensive risk management process, the Group has identified the
following  principal  risks  and  uncertainties  which  it believes could have a
materially  adverse effect on its business, revenues, profit, assets, liquidity,
resources  and  reputation.  The  nature  of  risk  is  such that no list can be
comprehensive  and it is possible that other  risks may arise, or that risks not
currently  considered material may become so  in the future. Any forward-looking
statements  in  the  annual  report  or  otherwise  made  by the Group should be
considered  in light  of these  risk factors.  The Group  operates the  risk and
control  framework as described  in the Corporate  Governance report to identify
these  risks  and  has  adopted  a  Sustainability  Strategy as described in the
Sustainability report to mitigate against these risks.

|RISK                     |POTENTIAL IMPACT           |MITIGATION              |
|Global and economic conditions                                                |
|The Group operates in a  |Changes such as the        |The Group's diversified |
|number of regions where  |introduction of new        |geographic footprint    |
|it may be exposed to     |regulations, expropriation |mitigates against any   |
|economic, political,     |of assets or the imposition|exposure within any one |
|regulatory or business   |of trade barriers could    |country in which it     |
|risks.                   |disrupt the Group's        |operates.               |
|                         |business activities or     |                        |
|The Group is also exposed|impact on the Group's      |Management monitor such |
|to global growth trends  |customers, suppliers or    |risks and amend business|
|and specific commodity   |other parties with which it|procedures accordingly, |
|price movements.         |does business.             |while remaining in      |
|                         |                           |compliance with local   |
|Any contraction in       |Commodity prices for all   |and international       |
|capital expenditure and  |products, and particularly |requirements.           |
|production activity could|for exchange-traded        |                        |
|lead to a reduction in   |commodities, may fluctuate |In addition, strategic  |
|demand for the Group's   |widely.                    |reviews are carried out |
|products.                |                           |by the Group prior to   |
|                         |In some instances, this    |entry into a new        |
|                         |could have a material      |country.                |
|                         |adverse effect on the      |                        |
|                         |Group's financial position |Commodity price         |
|                         |and prospects.             |fluctuations are        |
|                         |                           |monitored closely and   |
|                         |                           |action taken to mitigate|
|                         |                           |against the risk as     |
|                         |                           |appropriate.            |
|                         |                           |                        |
|                         |                           |The Group's growing     |
|                         |                           |installed base plus the |
|                         |                           |drive for operational   |
|                         |                           |excellence will enable  |
|                         |                           |the business to react to|
|                         |                           |market changes as they  |
|                         |                           |arise.                  |
|Employees                                                                     |
|The future success of the|If it is unable to attract |The Group constantly    |
|Group depends on the     |and retain excellent       |reviews its remuneration|
|skills and efforts of its|talent, the Group may not  |packages to ensure they |
|employees across all of  |be able to effectively     |remain competitive and  |
|its businesses and the   |implement its business     |also maintains          |
|ability to retain and    |strategies.                |development and         |
|develop these            |                           |succession planning     |
|individuals.             |                           |programmes.             |
|                         |                           |                        |
|In addition, the success |                           |The Group's employee    |
|of Group acquisitions    |                           |development programmes  |
|will depend on the       |                           |are explained in more   |
|ability to retain        |                           |detail on pages 58 to   |
|management personnel of  |                           |60.                     |
|acquired companies.      |                           |                        |
|Legal                                                                         |
|Manufacturing companies  |The Group has insurance    |The Group has internal  |
|are, from time to time,  |cover for certain claims   |policies and procedures |
|exposed to personal      |but not for all the claims.|for monitoring these    |
|injury claims and class  |The number and size of the |risks, managing and     |
|actions or other         |claims is dependent on the |mitigating against these|
|litigation resulting from|number of third parties    |liabilities and to      |
|injuries sustained at    |that are still in existence|ensure that there is    |
|work, including          |and can be included in such|regular reporting to the|
|asbestosis or other      |actions. Both of these can |Board on any changes or |
|health problems          |change over time and as a  |developments.           |
|associated from working  |result the Group's exposure|                        |
|in industries that used  |can increase.              |                        |
|asbestos.                |                           |                        |
|Regulatory, compliance and internal controls                                  |
|Many countries where the |The Act applies not just in|Companies must show that|
|Group's operations are   |the UK but also to all     |they have adequate      |
|located have increased   |subsidiaries and branches  |procedures in place to  |
|their emphasis on        |of a UK-listed company.    |combat bribery.         |
|enforcement of laws to   |                           |                        |
|which the Group is       |Non-compliance with any of |The Group has clearly   |
|subject including safety,|these laws or regulations  |set out the way it      |
|environmental, antitrust,|could expose the Group to  |expects employees and   |
|fraud, anti-bribery and  |financial or reputational  |stakeholders to behave  |
|anti-corruption.         |damage.                    |in its Code of Conduct, |
|                         |                           |which is available on   |
|A new UK Bribery Act is  |Failure by the Group's     |the Group's intranet and|
|due to be introduced in  |employees, or agents acting|website. In addition,   |
|the first half of 2011,  |on its behalf, to maintain |training is provided to |
|with application across  |the highest standards of   |all at-risk employees.  |
|the entire Weir Group.   |ethics and integrity in    |Concerns regarding      |
|                         |dealing with customers or  |breaches in compliance  |
|                         |failure to comply with any |matters or internal     |
|                         |laws and regulations could |controls can be reported|
|                         |result in administrative,  |in confidence through   |
|                         |civil or criminal          |the dedicated phoneline.|
|                         |liabilities resulting in   |Further details of the  |
|                         |significant fines and      |Code of Conduct are     |
|                         |penalties and/or debarment |provided on pages 65 to |
|                         |of the Group from          |66.                     |
|                         |government contracts for a |                        |
|                         |period of time or affect   |                        |
|                         |the Group's future         |                        |
|                         |operational performance,   |                        |
|                         |financial condition or     |                        |
|                         |reputation.                |                        |
|Environmental, safety and health                                              |
|The Group's activities   |Failure to manage these    |The Group is committed  |
|require the continuous   |risks could result in a    |to maintaining a safe   |
|monitoring of            |serious deterioration of   |working environment and |
|environmental, safety and|the Group's safety         |a culture of zero       |
|health (ESH) risks.      |performance or could result|tolerance to accidents. |
|                         |in an environmental        |To support this, all our|
|                         |regulatory breach which    |operations have to be   |
|                         |could lead to:             |ISO 14001 and OHSAS     |
|                         |                           |18001 compliant. This   |
|                         |  * fines and penalties;   |ensures that they not   |
|                         |  * loss of key customers; |only meet with current  |
|                         |                           |requirements but also   |
|                         |  * exclusion from market  |have the appropriate    |
|                         |    sectors deemed         |management systems in   |
|                         |    important for future   |place to ensure         |
|                         |    growth; and damage to  |continuous improvement  |
|                         |    reputation.            |in ESH performance. More|
|                         |                           |detail on this and other|
|                         |                           |environmental           |
|                         |                           |improvement initiatives |
|                         |                           |and activities are set  |
|                         |                           |out in the              |
|                         |                           |Sustainability report on|
|                         |                           |pages 52 to 66.         |
|Competition and innovation                                                    |
|The Group competes       |All new or improved        |To remain competitive,  |
|against large and well   |technologies and products  |the Group invests       |
|established global       |involve risk, including the|continuously in its     |
|companies, as well as    |potential for abortive     |research and            |
|local companies and low  |expenditure, reputational  |development,            |
|cost replicators of spare|risk and potential customer|manufacturing,          |
|parts, on the basis of   |claims.                    |marketing, customer     |
|price, technical         |                           |service support and     |
|expertise, timeliness of |In addition, the Group's   |distribution networks.  |
|delivery, previous       |processes to bring a new   |The Group also maintains|
|installation history and |product to market may not  |the highest             |
|reputation for quality   |be fast enough to gain     |manufacturing and       |
|and reliability.         |market share or the new    |quality standards which |
|                         |product may not achieve    |include regular dialogue|
|The developing           |market acceptance, thereby |with customers to ensure|
|competitive threat from  |harming the Group's        |that individual customer|
|low cost markets using   |reputation.                |requirements are met    |
|total cost innovation in |                           |through the Group's key |
|product design, supply   |                           |account management      |
|chain and low labour     |                           |process. It also takes  |
|costs is a challenge to  |                           |appropriate action to   |
|the Group.               |                           |ensure that its cost    |
|                         |                           |base remains competitive|
|The Group's growth and   |                           |and margins protected   |
|success depends not only |                           |through its global      |
|on its ability to        |                           |procurement activities. |
|innovate and ensure the  |                           |                        |
|continuous improvement of|                           |The diversity of        |
|its existing product     |                           |operations reduces the  |
|portfolio but its ability|                           |possible effect of      |
|to develop and produce   |                           |action by a single      |
|new and enhanced products|                           |competitor and combined |
|in a cost effective and  |                           |with the application of |
|timely manner in         |                           |the Weir Production     |
|accordance with customer |                           |System ensures the      |
|demands.                 |                           |Group's competitive     |
|                         |                           |advantage is sustained. |
|Business interruption                                                         |
|The loss of a significant|There are a number of key  |Whilst all of these     |
|manufacturing /          |locations where a          |operations are          |
|operational site through |significant loss or        |vulnerable to damage or |
|fire, natural catastrophe|sustained business         |interruption the Group  |
|or critical plant failure|interruption could give    |maintains broad form    |
|could potentially have a |rise to a reduction in     |insurance protection and|
|material impact on the   |revenue and profit.        |business continuity     |
|Group.                   |                           |plans to promote        |
|                         |                           |resilience in the       |
|                         |                           |business and mitigate   |
|                         |                           |the potential downtime. |
|Acquisitions                                                                  |
|The Group has undertaken |While the Group identifies |The Group operates a    |
|a number of acquisitions |expected synergies, cost   |strategic planning      |
|in the recent past. With |savings and growth         |process to review its   |
|any acquisition there is |opportunities prior to     |corporate strategy with |
|the risk that any        |completing any acquisition,|market and competitive  |
|benefits or synergies may|these benefits may not     |position assessments    |
|not be realised as a     |always be achieved or be   |driving the acquisition |
|result of changing or    |achieved within the        |agenda. In addition, the|
|incorrect assumptions or |anticipated timescale.     |Group implements a      |
|materially different     |Furthermore, the Group     |rigorous due diligence  |
|market conditions.       |could find itself liable   |process and ensures     |
|                         |for past acts or omissions |clear financial targets |
|                         |of the acquired business   |are in place. The Group |
|                         |without any adequate right |implements an internal  |
|                         |of redress.                |100 day plan to ensure  |
|                         |                           |that the integration    |
|                         |                           |process is actioned with|
|                         |                           |the minimum of          |
|                         |                           |disruption.             |
|Key suppliers and delivery                                                    |
|The Group's ability to   |Failure to deliver in      |Manufacturing scheduling|
|meet customer delivery   |accordance with customer   |and planning is subject |
|schedules is dependent on|expectation could subject  |to stringent internal   |
|a number of factors      |the Group to financial     |assurance processes to  |
|including sufficient     |penalties, damage customer |optimise each business  |
|manufacturing capacity,  |relationships and, as a    |unit's order book. The  |
|access to raw materials, |result, impact on the      |effect of this is to    |
|inventory control,       |Group's financial          |maximise capacity and   |
|sufficient trained and   |performance.               |minimise reworking costs|
|equipped employees,      |                           |and delays in delivery  |
|engineering expertise and|In addition, failure of a  |times. This is          |
|the appropriate planning |supplier or availability of|complemented by the use |
|and scheduling of the    |scarce raw materials could |of the Group's          |
|manufacturing process.   |result in the Group        |Manufacturing Resource  |
|Many of the contracts it |incurring additional costs |Planning systems,       |
|enters into require long |in sourcing an alternative.|together with the       |
|lead times and therefore |                           |slotting and scheduling |
|contain clauses in       |                           |achieved through the    |
|relation to on-time      |                           |Weir Production System. |
|delivery.                |                           |                        |
|                         |                           |The Group seeks to      |
|In addition, the Group is|                           |develop long-term       |
|dependent on the         |                           |relationships with its  |
|continued availability   |                           |subcontractors and the  |
|and effective management |                           |Group's procurement     |
|of subcontractors and    |                           |function is responsible |
|other service providers. |                           |for establishing robust |
|                         |                           |supplier relationships. |
|                         |                           |In addition, the        |
|                         |                           |procurement function    |
|                         |                           |conduct a regular review|
|                         |                           |of strategically        |
|                         |                           |important suppliers.    |

Appendix B - Directors Responsibility Statement

The following statement is extracted from page 43 of the 2010 Annual Report.
 This statement relates solely to the 2010 Annual Report and is not connected to
the extracted information set out in this announcement or in the 2010
Preliminary Results Announcement dated 8 March 2011.

The  directors are responsible for preparing the annual report and the financial
statements in accordance with applicable law and regulations.
Company  law requires  the directors  to prepare  financial statements  for each
financial  year. Under that law, the directors have prepared the Group financial
statements in accordance with International Financial Reporting Standards (IFRS)
as  adopted  by  the  European  Union  and  the  Company financial statements in
accordance with UK Accounting Standards and applicable law.
In preparing those financial statements, the directors are required to:
· select suitable accounting policies and then apply them consistently
· make judgements and estimates that are reasonable and prudent
·  state that the Group financial statements  have complied with IFRS as adopted
by  the European Union,  subject to any  material departures being disclosed and
explained and
· state for the Company financial statements whether the applicable UK
Accounting Standards have been followed, subject to any material departures
being disclosed and explained.

The  directors confirm  that they  have complied  with the above requirements in
preparing the financial statements.
Each  of the directors, as at  the date of this report,  confirms to the best of
his knowledge that:
· the financial statements give a true and fair view of the assets, liabilities,
financial position and profit of the Group and
· the directors report includes a fair review of the development and performance
of  the business and the  position of the Group,  together with a description of
the principal risks and uncertainties that it faces.
The  directors  are  responsible  for  keeping  proper  accounting records which
disclose  with reasonable  accuracy at  any time  the financial  position of the
Group  and enable them to ensure that the Group financial statements comply with
the  2006 Act and Article 4 of the IAS Regulation. They are also responsible for
safeguarding  the assets of the Group and  hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.

Appendix C - Related Party Transactions

The following statements regarding related party transactions are set out on
page 110 of the 2010 Annual Report.  The following is extracted in full and
unedited form from the 2010 Annual Report.

Related party

The following table provides the total amount of significant transactions which
have been entered into with related parties for the relevant financial year and
outstanding balances at the period end.

                               Sales to      Sales to Purchases from     Amounts
                                related       related        related     owed to
                              parties -     parties -      parties -     related
                                  goods      services          goods     parties

Related party                        £m            £m             £m          £m

ventures      2010                  0.6           0.2            0.1           -

              2009                  1.3             -            0.4           -

Group pension
plans         2010                    -             -              -         0.2

              2009                    -             -              -         0.2

Contributions to the Group pension plans are
disclosed in note 24.

Terms & conditions of transactions with
related parties

Sales to and from related parties are made at normal market prices.  Outstanding
balances at the period end are unsecured and settlement occurs in cash.  There
have been no guarantees provided or received for any related party balances.
 For the 52 weeks ended 31 December 2010, the Group has not raised any provision
for doubtful debts relating to amounts owed by related parties as the payment
history has been excellent (2009: £nil).  This assessment is undertaken each
financial year through examining the financial position of the related party and
the market in which the related party operates.

Compensation of key
management personnel                                             2010       2009

                                                                   £m         £m
Short-term employee
benefits                                                          4.9        5.0

payments                                                          1.6        0.8

benefits                                                            -        0.1
                                                                  6.5        5.9

Key management comprises the Board and the Group Executive. Further details of
the Board remuneration can be found in the Remuneration report on pages 40 to

This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
Source: The Weir Group PLC via Thomson Reuters ONE



a d v e r t i s e m e n t