ENGINEERING group Weir said it expects to report full-year profits of £440m to £450m – in line with market expectations.
The group, has a valves operation at Elland and focuses on power, oil and gas markets, said revenue and profits growth slowed in the third quarter due to a lower opening order book.
But it said group revenue and profits were ahead of the prior year quarter – benefiting from the impact of acquisitions which continue to perform satisfactorily. Group operating margins for the quarter were in line with the prior year and expectations.
Reported order input for the group in the third quarter was 8% down on the prior year and 15% lower on a like for like basis.
Third quarter order input for the Glasgow-based group’s minerals division was in line with revenues and increased by 2% over the prior year.
For oil and gas, reported divisional order input for the third quarter was down by 28% on the prior year and fell by 47% on a like for like basis – within the range of expectations.
But the power and industrial division saw good progress with order input for the quarter up by 16% on the prior year quarter and 12% higher on a like for like basis.