Weir Director boosts stake with 3,500 shares

John Mogford, an independent non-executive director of engineering giant Weir Group, purchased 3,500 ordinary shares on Monday at 1,454p a pop.

The £50,890 purchase, which took Mogford's total holding in the company to 11,481 shares, came just one day before the company reconfirmed its full-year guidance, saying business is on track.

It now expects full year revenues from its SPM and Mesa businesses to be slightly lower than 2011 and below prior guidance.

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However, Weir added that order input in its minerals division was up 18% compared to the previous year and ahead of its expectations.

The firm's owners have seen shares lose a third of their value since February, dropping from around £22 four months ago to £15 now.

The news that business was on track pushed them back up 5% on Tuesday morning to 1,515p.

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