Weir Group has said it expects to return to growth after it revealed a fall in its revenues and profits.

In its full year results, published on Wednesday, the engineering company said its revenues had dropped by 4% in 2013 to £2.4bn, while its pre-tax profits had fallen by 5% to £418m.

The firm had said that its profits would be lower, explaining that project delays in mining as well as a slower than forecast recovery in its oil and gas division were factors in the results.


It added that it expects to return to underlying growth this year.

Keith Cochrane, Chief Executive of Weir, said: "2013 was a challenging year in many of our end markets but our relative outperformance demonstrated the strength of the group's strategy, the diversity of our portfolio and the resilience of our aftermarket focussed business model.

"In 2014, we anticipate that the Group will return to underlying growth despite mixed end market conditions. We will continue to capture profitable aftermarket opportunities, cross selling our full product portfolio across all our end markets and delivering further efficiencies."

(JP)