Jump in orders for Weir

A large increase in orders helped Scottish engineering firm Weir Group to a strong first half of 2018.

Glasgow-based Weir, which makes pumps, wellheads and valves, enjoyed a 35% increase in orders at its oil division.

Weir, which employs about 14,000 people in more than 70 countries and has a number of bases in north-east Scotland, announced the £900 million acquisition of US mining tools firm Esco Corporation in the first half.

The deal went through in July. Weir expects to sell its flow control business late in the third quarter.

First-half pre-tax profits rose 38% to £143m, excluding exceptional items of £53m, while revenues went up 15% to £1.06 billion.

Weir chief executive Jon Stanton said: “This is a strong set of results with total group operating profits up by more than 60% and all our divisions showing good momentum.

“It reflects the hard work of our people and the benefits of investing early to take full advantage of positive long- term fundamentals in our main markets.

“Looking to the full year we continue to anticipate strong constant currency revenue and profit growth in addition to further strong cash generation and balance sheet de-leveraging.”

The board approved a 5% increase in the interim dividend.

Weir completed its deal for US mining tools firm Esco last month.