Weir Group Q3 revenues drop due to weak oil market

By Liz Gyekye
Published: Tuesday, 03 November 2015

The UK company, which supplies technology to the mining, oil and gas markets, saw its revenue and orders dip for the period ended 2 November 2015, as mining companies continue to hold back on spending and oil prices remain low. However, the company expects its full year earnings to be in line with expectations.

UK-based engineering specialist Weir Group Plc reported a fall in its order input and revenue for the third quarter of 2015 as oil and gas activity levels continued to slow.

The company’s group order intake for Q3 2015 fell by 29% year-on-year (y-o-y), owing to reduced North American oil and gas...

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