Weir Group profits

Weir Group (LON:WEIR) shares dropped nearly 3 percent on Tuesday morning, despite recording increases in both revenue and profits.

First half profit rose 44 percent at the engineering firm, on the back of improving activity in the North American oil and gas markets. Net profit for the period hit £67 million, with revenue from continuing operations coming in 15 percent higher to £1.01 billion.

‘This is a strong set of results with total group operating profits up by more than 60% and all our divisions showing good momentum,’ chief executive Jon Stanton said.

‘Looking to the full year we continue to anticipate strong constant currency revenue and profit growth in addition to further strong cash generation and balance sheet deleveraging.’

The company declared an interim dividend per share of 15.75p, up 5 percent on-year. Shares are currently trading down 2.38 percent at 1,930.00 (1021GMT).