SOUTHSIDE company Weir Group has announced an end-of-year profits rise of 30 per cent.
In a climate of economic gloom around the world, the news will be seen as a positive step.
The short-term goal of the firm had been to double its 2009 profits by 2014.
However, Weir managed to pass that milestone last year and the profits are continuing to rise.
Last week, we revealed that the company was preparing to buy Australian firm, Ludowicz Ltd.
Ludowicz, which has bases in South Africa, South America, India and China, is a leading provider of vibrating screens, centrifuges and wear-resistant products and employs around 1,000 staff around the world.
Weir states that the current global market favours its line of business as demand for power grows in the developing countries while growing environmental requirements and the need to replace ageing plant drives the developed market.
The Group goes on to say that it expects to continue to extend its position in the minerals, oil and gas and power sectors and aims to deliver more growth in these areas.
The company’s report states that its core values are innovation, collaboration and global capacity.
Stating its immediate strategy, the company’s full year report says: “In 2012, we will continue to pursue this strategy as we aim to grow ahead of our end markets.
“We will successfully integrate Seabord and Novatech to leverage products, skills and geographic reach.
“We will improve operational and safety performance through ongoing investment and the work of the environment, health and safety excellence committee”.
Keith Cochrane, chief executive, said: “The Group enters 2012 with a strong order book and with our clear strategy and flexible business model we expect a year of further good progress consistent with current consensus expectations”.