LONDON (dpa-AFX) - Weir Group plc (WEIR.L) reported that its first-quarter performance was in line with its expectations. ESCO's performance remained ahead of initial guidance while, oil and gas markets were at similar levels to late 2018. Group revenues, on a constant currency basis, were in line with the Group's expectations and broadly consistent with order trends.
For the first-quarter, orders from continuing operations increased 18% including ESCO. Excluding ESCO, orders were down 7% reflecting reduced oil and gas refurbishment activity. Oil & Gas orders were down 23%, for the quarter. Continuing operations aftermarket orders, on a like-for-like basis, were down 6% with original equipment down 9%.
Looking forward, the Group said its full year outlook of good constant currency revenue and profit growth remains unchanged.
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