Weir Group profits to beat expectations

26th Apr 2010 07:06

Engineer Weir Group expects profits for the first half to be ahead of expectations after a strong first quarter.Overall order input is up by 16% from the same period a year ago, said the company, which makes pumps and valves for firms such as the aluminium producer Alcoa and the aero-engineer Rolls-Royce, with an upturn in activity in its mining and oil & gas divisions offsetting lower sales in the power & industrial division. It expects first half profits to be about £30m ahead of previous expectations.Visibility beyond June remains limited though, meaning that it is 'too early to call any significant upside in the second half.'Weir said it remains cautious over the timing of orders in its mining business. In its oil & gas business it is targeting revenues in line with those of 2008.In the power & industrial division, while order input is down, it expects to see revenue and margin progression over the full year.