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".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
