Engineer sees shares spike
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.