Weir Group announces growth

THE Weir Group has recorded pre-tax profits 0f £443 million.

The southside firm says this is an increase of 12 per cent on last year and insists its oil and gas section has shown great resilience over the year.

Chief executive Keith Cochrane said: “Weir delivered a strong performance for shareholders in 2012 despite challenging pressure pumping markets.

“We responded rapidly to changing market conditions, realigned capacity, reduced costs in affected areas and continued to maximise operational and cost efficiencies.

“This allowed us to deliver 2012 results in line with our mid-year expectations.

“We continued to invest the Group’s capabilities, underpinning our strategy to grow ahead of our end markets.”

Mr Cochrane vowed that the company would increase growth through new product introductions and a range of operational initiatives.

He added: “Assuming a gradual economic and end market improvement, we expect to deliver low, single-digit revenue growth and broadly stable margins in 2013 with lower first-half profits offset by growth in the second half.

“Alongside substantially higher cash generation, the Group plans the eighth consecutive year of double-digit dividend growth.”