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Weir Group's full-year pretax profit nearly halves as oil prices fall

Published 24/02/2016, 07:32
© Reuters.  Weir Group's full-year pretax profit nearly halves as oil prices fall
WEIR
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(Reuters) - Scottish engineering firm Weir Group Plc (L:WEIR) said its pretax profit for the year nearly halved, as its customers continued to delay spending in order to weather the slump in oil prices.

Weir, which makes pumps and valves used in oil rigs, said pretax profit for the year fell to 220 million pounds from 409 million pounds a year earlier.

The company said revenue fell 21 percent to 1.92 billion pounds.

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