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Weir reports demand pick-up from previous slump
StockMarketWire.com
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Engineering firm Weir said demand had strengthened towards the end of the third quarter, bouncing back somewhat from very depressed levels as the coronavirus pandemic impacted the resources industry.
Continuing orders, even once you strip out the pumps and valve specialist's largest-ever order (of approximately £100 million) in the corresponding period of 2019, were still down 11% year-on-year in the third quarter of 2020.
'Mining markets remained relatively robust in the third quarter and while Covid-19 continued to impact ore production levels and customer decision making, there was a strengthening in demand towards the end of the period', said Jon Stanton, chief executive of Weir.
'The positive long-term fundamentals for our markets are unchanged, including the key role of essential metals in building the new economy and the need for mining operations to reduce their environmental impact. This is reflected in our strengthening project pipeline, particularly for our smarter, more efficient and sustainable solutions'.
At 8:37am: (LON:WEIR) Weir Group PLC share price was +40.5p at 1498.5p
Story provided by StockMarketWire.com
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