Engineering firm Weir Group has announced its Chief Executive, Keith Cochrane, is to step down.

The Glasgow-based company said Jon Stanton will take up the role with effect from 01 October.

The news came as the company reported its Oil & Gas revenue fell to £183 million from £320 million during the same period last year.

Mr Cochrane said while the market continues to remain challenging, the Group continued to be "highly cash generative and aggressively reduce costs".

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"While there have been early signs of stability in oil and gas markets, activity remains at very low levels with only a modest improvement expected in late 2016," he said.

"Conversely, there are signs of mining markets normalising, supported by commodity prices and an improving pipeline of brownfield opportunities. Looking ahead, we will continue to prioritise strong cash generation and invest in the strategic priorities which will ensure the Group is positioned to benefit fully as markets recover."

(LM/MH)