Weir to profit from new nuclear delays

By Rowena Mason 530AM GMT 10 March 2010

Weir Group

Keith Cochrane, arch executive, additionally pronounced there augmenting opportunities for servicing new chief plants in China, as the association upgraded the gain forecasts for the entrance year and reported higher profits.

"There has been an increase in speed of new-build in China and things are additionally function on the belligerent in the US," Mr Cochrane said.

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"In Europe there"s a lot of speak but in being there"s small activity. We are saying delays in the UK and Europe but that is formulating opportunities in upkeep and hold up extension."

Pre-tax increase rose 6pc to �187m, as some-more oil and gas developments began to come by in the second half of 2009 following a unemployment in the recession.

Weir"s share cost rose 56, or 7pc to 915p, after the organisation pronounced that the income for 2009 climbed 3pc to �1.39bn nonetheless it expects expansion to be prosaic subsequent year.

Its commercial operation in rising markets grew during the year, as the association won Chinese chief contracts and others in the Middle East downstream oil and gas markets.

Mr Cochrane pronounced "aggressive" gas prolongation in US shale fields wore out equipment, ensuing in some-more direct for Weir"s services and products.

Weir pronounced it would compensate a last division of 16.2p, receiving the full-year sum on credit on Jun 3 to 21p, compared with 18.5p in 2008.