(Reuters) - Weir Group (LON:WEIR) Plc, a maker of pumps and valves for mining and energy industries, reported full-year operating profit above analysts' expectations, helped by a 67 percent rise in its oil and gas business orders.
The company's operating profit rose 36.4 percent to 292 million pound for the year ended Dec. 31. Analysts on average had expected an operating profit of 273.68 million pounds, according to Thomson Reuters I/B/E/S.
The company said in October that it expected annual operating profit to be slightly lower than its previous estimate, due to higher costs and investments in the mining business.
Full-year revenue rose 27.7 percent to 2.36 billion pounds, also above analysts' estimate of 2.31 billion pounds. Order book rose about 20 percent, on a constant currency basis, to about 2.4 billion pounds.