Weir Group, the Glasgow based engineering giant, says revenues in the third quarter grew more strongly than the first half of the year and also on a like for like basis against the same period of 2010.
Overall "order input" was up 27% in the quarter compared to the same period of 2010. This number has been helped by a 25% boost in mineral (mining) equipment orders and 24% growth in the oil and gas division. However, Weir warns "downstream market conditions remain challenging".
Power and Industrial saw orders up 23% but Weir says "overall market conditions remain mixed with continuing delays in nuclear projects and largely weak general industrial markets".
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Net debt is higher than in July because of working capital requirement. The company claims 2012 will yield a record year end order book.
BS
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