Weir Group sees orders up

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".

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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.

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