Profits slip at Weir Group engineering firm

Weir Group engineer Weir Group operates in the minerals, oil and gas and power and industrial markets

Related Stories

The engineering company Weir Group has reported a 14% drop in pre-tax profits as demand for mining equipment slowed.

The firm made £193m in the first half of this year compared with £225m in 2012, and revenue for the first six months of 2013 was down 10% at £1.2bn.

The Glasgow company, which makes pumps and valves for the mining, oil and gas industries, said its full-year profits remained as expected.

Weir's chief executive Keith Cochrane described conditions as "challenging".

He added: "The Group has continued to focus on operational improvements and investment in its growth platform, positioning Weir to take full advantage of the range of opportunities we see across our end markets in the second half of the year. "

Weir said the sharp drops in commodity prices - copper, gold and iron ore prices fell by about 20% in the second quarter - had a "minimal impact on production activity".

However, it said the equipment market was "more challenging" and capital expenditure in the mining industry fell with projects progressing more slowly as customers took a "more measured approach to investment".

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Scotland business stories


Features & Analysis

  • Man holding lipWitch hunt

    The country where a writer accused of blasphemy must run

  • Espresso cupNews quiz

    Which city serves the strongest cup of coffee?

  • A woman's stomach with the words "I love IDF"'War porn'?

    Support - and disdain - for women posting sexy selfies for the IDF

  • Malaysian plane wreckage in UkraineFlight risk

    How odd is it to have three plane crashes in eight days?

Elsewhere on the BBC

  • Canada.Hidden rail trip

    Canada's tiny, two-car shuttle is a train lover's dream with scenic views


  • Leader of Hamas Khaled MeshaalHARDtalk Watch

    BBC exclusive: Hamas leader on the eagerness to end bloodshed in Gaza

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.