Glasgow based Weir group announce record profits

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Engineering firm Weir group has announced bumper profits and orders for the first six months of the year.

The Glasgow based firm, which provides valves and pumps for the energy, minerals and power industries, saw pre-tax profits rise to £167.6m from £134.6m the previous year – revenue rose by a third to £1bn.

The better than expected results were put down to new mining projects in South America, demand in the US for shale oil and gas equipment and refurbishment of the Iraqi oil sector.

Keith Cochrane, chief executive, said: “In minerals, we saw mega-projects coming through, with firm orders from mining companies, particularly for copper projects in Chile and Peru.”

The company took a hit as a result of the unrest in Libya but other operations were unaffected.