Services company Weir Group saw profits rise to £250 million for 2017, after the recovery in commodity prices provided a boost to business.
The group, a maker of pumps and valves for mining and energy industries, reported a 47 percent jump in annual profit on Wednesday, after the construction industry recovered over the course of the year in the wake of higher commodity prices.
Pre-tax profit rose to £250 million, with operating profit coming in above analysts expectations and rising 36.4 per cent to hit £292 million. Total orders rose around 20 per cent, on a constant currency basis, to about £2.4 billion, after increased activity in Northern American oil and gas markets.
The company reported an unchanged dividend of 44.0p per share, with net debt cut by £8 million to £843 million.
“Looking to 2018, assuming market conditions remain supportive and despite anticipated foreign exchange headwinds, we expect to deliver strong revenue and profit growth and further balance sheet deleveraging,” chief executive Jon Stanton said.
Weir Group shares are currently trading down 0.50 percent at 1,991.00 (0909GMT).
