Weir hikes its profit target

first_img KCS-content Monday 1 November 2010 9:18 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAdventure CrunchHere Are the Most Famous Pro Wrestlers From the Past TodayAdventure CrunchFinance BLVDThis Star from ‘Gilligan’s Island’ is 101 & lives a humble life nowFinance BLVDArticles StoneLittle Boy Brings $2 Painting To Antiques Road Show, Not Realizing Its WorthArticles Stonethedelite.comNetflix Cancellations And Renewals: 2021 Updatethedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Center Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp whatsapp center_img Tags: NULL Weir hikes its profit target Share Show Comments ▼ engineer Weir Group yesterday raised its forecast for full-year profits after oil company appetite for pumps spiked in the third quarter.The maker of pumps and valves said order input from customers operating in the upstream oil and gas space rose 232 per cent in the 39 weeks to the beginning of October, compared to a rise of 166 per cent in the first half of the year.Chief executive Keith Cochrane said Weir, whose products are also used by mining and power generation companies, had seen “an exceptional third-quarter spike” in its oil and gas business. “We do recognise that is not something that’s going to occur every quarter at that sort of level. I wouldn’t expect the same level of input in the fourth quarter of this year,” he said.Weir said the surge in orders from oil and gas companies would help it enter 2011 with a strong order book given the lag time between orders being converted to revenues.Strengthening demand for Weir’s equipment was fuelled by customers in the North American shale market, where its pumps are used in fraccing – forcing sand and chemicals into rock formations to push out gas and oil.Weir is expected to post a full-year pre-tax profit of £278m. The company which joined the FTSE 100 index in September said the strong performance of both oil and gas and mining offset weakening demand from the power and industrials sectors. last_img read more