Weir digs out profits boost

A leading provider of engineering products for the oil and mining industries said today it expected profits to be “substantially ahead” of last year.

Glasgow-based Weir, which employs around 9,000 people worldwide, has continued to benefit from “generally strong market conditions,” particularly in mining.

As well as bettering last year’s figure, Weir said it was on course to deliver annual profits at the upper end of current market estimates. The current range in the City is for a figure between £142.5m (€180.2) and £163.7m (€207m).