Weir expects profits increase
Pump specialist the Weir Group said today (12 January) that it continued to perform well in the final quarter of its year, with "strong profitability and more robust input trends".
Weir, which is headquartered in Glasgow, said profits had benefited from the proactive management of the group's cost base and favourable volumes at Weir SPM, the Fort Worth, Texas-based manufacturer of high-pressure well service pumps and related flow control equipment that Weir acquired in 2007.
The group's good performance in the final quarter, meant that it now expected 2009 profit to increase to around £185 million.
Its trading statement concluded: "While the Group enters 2010 in a strong position, with some positive emerging trends across our principal end markets, the lower opening order book and uncertainty over speed of recovery means that it remains too early to call any significant upside to the 2010 outlook."
