Record results for pump company

Weir is the world's biggest maker of pumps for the mining industry

The Glasgow pump maker, Weir Group, has announced a 58% rise in pre-tax profits in the first six months of this year.

The company made £144m during the period, compared with £91m last year.

Weir is the world's biggest maker of pumps for the mining industry and said the rise in profit was partly driven by a "strong demand" for commodities.

The company said it expected its profits in the second half of the year to be "significantly ahead" of last year.

Keith Cochrane, chief executive of Weir, said: "Against the background of an uncertain global economic recovery, the Weir Group has again delivered an excellent set of results with all divisions recording profit and margin progression.

"Our growth plan is well on track across all our divisions and the strong increase in orders demonstrates our robust business model and ability to respond quickly to the changing economic environment."

Weir said original equipment orders were up 28% in the first half, with confidence improving across most of its markets.

The company, whose customers include EDF, Rio Tinto and Royal Dutch Shell, employs 9,000 people worldwide mostly in the mining and oil and gas sectors.

Shares in Weir have risen 74% since the beginning of the year.