03 Aug 2018
Glasgow-based engineering firm Weir Group has reported a rise in both revenue and profits over the first half of the year.
Weir has enjoyed a 35% increase in orders at its oil division, while pre-tax profits rose 19.7% to £90.1 million on its continuing operations. The firm’s revenues increased 15% to £1.06 billion.
The rise comes after Weir, which employs over 13,000 people in more than 70 countries and is headquartered in Glasgow, revealed that it had acquired US mining tools firm Esco earlier this year in a £900 million deal.
Chief executive for Weir, 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 was a strong performance across the business. If I look at orders, we saw a double-digit growth across all the divisions.
“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.
“With the acquisition of Esco and decision to sell flow control, we began the transformation of Weir into a stronger group focused on leading positions is highly abrasive, aftermarket intensive mining and upstream oil and gas 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 deleveraging. Reflecting confidence in our long-term growth outlook the Board has approved a 5% increase in the interim dividend.”