LONDON (dpa-AFX) - Weir Group Plc (WEIR.L) announced that supported by a strong performance during the first quarter, it continues to expect a year of further good progress in line with previous guidance for the Group overall.
Over the year the impact on the Oil & Gas division of the rapidly changing pressure pumping market will be offset by strong trading in the Minerals and Power & Industrial divisions, the company noted.
The company stated that its first quarter performance benefited from a strong opening orderbook, a positive ccontribution from acquisitions and significant input growth, including record quarterly orders for the Minerals and Power & Industrial divisions. As expected, input from upstream pressure pumping activities fell as lead times reduced and the movement of equipment from gas to oil and liquids rich shale formations impacted customer activity levels.
Besides, strong revenue growth was achieved in the quarter driven by both organic growth and a first contribution from recent acquisitions. Operating profits are up on the prior year period and together with operating margins are in line with the company's expectations.
Copyright RTT News/dpa-AFX
© 2012 AFX News
