Weir Group has announced a £200 million pre-tax loss in its final results for 2015.

Compared to a £149m profit in 2014, Chief Executive Keith Cochrane said the Glasgow-based firm has been "resilient" in the face of unprecedented market challenges in recent years.

The Group also "aggressively" reduced costs by £110m, cutting 1,600 jobs in its North American oil and gas workforce by over 40%.

Mr Cochrane said the company expects 2016 to be another "challenging year".

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"Despite market challenges which are unprecedented in recent years, Weir has delivered a resilient performance in Minerals, maintained leadership and market share in Oil & Gas, and created an additional platform for growth with the new Flow Control division," he said.

"Given ongoing market conditions, 2016 will be another challenging year.

"As a result, we are planning for a further reduction in constant currency Group operating profits, driven primarily by lower activity levels in upstream oil and gas markets.

"We will continue to invest for the medium term supported by our aftermarket-focused business model, further cost reduction initiatives, non-core asset disposals and a clear focus on cash generation, to ensure we benefit fully and quickly when markets improve."

(LM)