Oil and gas drives Weir profits down with further declines expected

By Kasia Patel
Published: Wednesday, 24 February 2016

While the company expects a challenging year ahead, it believes that more supply will be needed from the oil and gas sector, which Weir will be better placed to serve, owing to its recent restructuring and cost cutting measures.

Scotland-based technology provider to the mining and oil and gas industries, The Weir Group Plc, has reported a 42% decline in operating profit for 2015 to £259m ($360.79m*), as sales in North America was significantly impacted by oil and gas prices over the last 18 months.

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