Weir Group makes ‘good progress’ in first half

Engineering group Weir is on track to deliver “strong” growth for the full year after reporting higher firsthalf earnings.

The Glasgow-based group, which earlier this month said its oil and gas division had been boosted by a stronger-than-expected recovery in its North American upstream markets, revealed a pre-tax profit of £92 million for the six months to the end of June, an increase of 12 per cent on a year earlier.

Weir, which makes machinery and pumps for the energy and mining sectors, saw revenues jump 26 per cent to £1.1 billion but held its interim dividend steady at 15p a share.

Chief executive Jon Stanton said: “The first half of 2017 saw the group make good progress as we fully captured opportunities in our main markets.”

Stanton said that Weir’s two main business streams were now moving from “an intense downturn into a recovery and growth phase”, adding that the group expects to deliver “strong constant currency revenue and profit growth” for the year as a whole.