Weir profits rise 58%
ENGINEERING group Weir forecast second half profits to be well ahead of 2009 after seeing a 58% rise in pre-tax profits in the first six months of the year.
Weir, which operates Weir Valves & Controls in Elland, recorded pre-tax profits of £144m on the back of rising operating profits and margins.
The power and industrial division, which includes the West Yorkshire operation, saw operating profits rise by 21% as it won new awards in the Chinese and United States nuclear power markets.
Weir Group chief executive Keith Cochrane, said: “Against the background of an uncertain global economic recovery, the Weir Group has again delivered an excellent set of results with all divisions recording profit and margin progression.
“Our growth plan is well on track across all our divisions and the strong increase in orders demonstrates our robust business model and ability to respond quickly to the changing economic environment.
“Strong trading reinforces our confidence for the remainder of 2010 and we continue to expect profit for the second half of 2010 to be significantly ahead of the prior year in constant currency terms.”
The company said the power and industrial division was seeing more opportunities in other power related work, particularly in Canada and across Africa and it expected to see improvements in revenue and margins.
