Weir thrives as demand grows

 

Soaring demand in the oil, gas and mining sectors helped engineer Weir pump up profit by 58%.

The maker of valves and pumps used in the mining and oil industry reported a jump in pre-tax profit to £295m helped by growing demand for commodities in emerging markets.

Chief executive Keith Cochrane said: 'The group is well on track to achieve its ambition to double 2009 profits by 2014.'

Shares in Weir, which have rocketed 108% in the last year, fell 84p yesterday to 1695p. The full-year dividend rose 29% to 27p.