En­gi­neer sees shares spike

The Courier & Advertiser (Angus and The Mearns Edition) - - Business -

Scot­tish engi­neer­ing gi­ant Weir Group saw its shares surge yes­ter­day as it flagged an im­prov­ing North Amer­ica mar­ket.

The FTSE-250 listed group’s stock spiked as it up­dated its fi­nan­cial guid­ance to re­flect the re­cov­ery it in the up­stream mar­ket in North Amer­ica.

“Higher lev­els of frack fleet util­i­sa­tion and sig­nif­i­cant tight­en­ing of in­dus­try ca­pac­ity are both ben­e­fit­ing the group’s Oil & Gas di­vi­sion,” Weir said.

“As a re­sult, it has seen in­creased vol­umes, stronger op­er­at­ing lever­age and mod­est pric­ing re­cov­ery ahead of prior ex­pec­ta­tions.”

Weir said it now ex­pected to de­liver “strong con­stant cur­rency rev­enue and profit growth” in the full year.

The firm, which will pub­lish in­terim re­sults on July 27, said the bulk of the profit will come in the sec­ond half of the year.

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