Weir firing on all cylinders

The pumps and valves maker Weir posted a 24 per cent jump in first-half pre-tax profit, helped by the booming mining and oil industries, and predicted its full-year results would be better than previously hoped.

"We now expect profits for the full year to be somewhat ahead of our previous expectations," Weir's chief executive, Keith Cochrane, said yesterday. The company posted underlying pre-tax profit of £178m in the first half, compared with £144m in the same period in 2010.

Glasgow-based Weir also hiked its guidance for the year in May by £20m after strong demand for valves and pumps from oil and gas customers in the first quarter.