Weir Group Sees Profits Fall

Engineering company, Weir Group, has posted a 14% fall in its pre-tax profits for the first half of 2013.

It is thought the decline comes as demand for mining equipment waned.

In the first half of the year, the company recorded £193m; this compares with £225m in 2012. Revenue for the first six months of 2013 was also lower at £1.2bn – a fall of 10%.

The firm, which is based in Glasgow, makes pumps and valves for the mining, oil and gas industries.


Despite the fall in profits, it said it remained on course to meet its full-year results.

Keith Cochrane, Chief Executive for Weir Group, said: "Weir has delivered a first half performance in line with our expectations, despite challenging market conditions. The Group has continued to focus on operational improvements and investment in its growth platform, positioning Weir to take full advantage of the range of opportunities we see across our end markets in the second half of the year.

"We anticipate good sequential revenue and profit growth in the second half, assuming a continued recovery in upstream Oil & Gas and no further deterioration, or project delays, in our mining end markets. As a result, we remain on track to meet our full year expectations and continue to expect to deliver low single digit revenue growth and broadly stable margins on 2012."

(JP/CD)