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Weir Group boosted by US upstream

Weir Group news
Weir Group news

Scotland’s Weir Group has been boosted with a surge in the US upstream markets.

The Glasgow headquartered firm said that if market conditions continued then its oil and gas division would be on track to deliver “low teens” operating margins through the second half of the year.

This could result in full year revenues and operating profits that are above the upper end of analysts’ estimates, the company, which makes pumps, wellheads and valves said in a statement.

The statement said: “In recent weeks, upstream North American markets have recovered more strongly than formerly anticipated.

“Higher levels of frack fleet utilisation and significant tightening of industry capacity are both benefiting the group’s oil and gas division.

“As a result, it has seen increased volumes, stronger operating leverage and modest pricing recovery ahead of prior expectations, and has delivered low double-digit operating margins in the first half.

The firm, which has bases in Dyce, Aberdeen, and Portlethen, said the forecast growth will be partially offset by one-off charges to operating profit of £13million.

This is related to previously announced legacy contract delivery challenges in the Gabbioneta business, part of the group’s flow control division.

The updated outlook for the Group’s full year performance is now for strong constant currency revenue and profit growth.

Profits will be weighted to the second half of the year.

The group will publish its interim results on July 27.

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