Scottish engineering company Weir Group said yesterday record performance by its oil and gas division had contributed to a 40% rise in turnover last year.
It said the upstream oil and gas market, which is serviced by operations at locations including Aberdeen, had enjoyed another year of strong growth leading to the unit’s turnover increasing by 65% to £743million.
Overall, Weir turned over £2.3billion in 2011, up from £1.6billion the previous year.
Pre-tax profits beat analyst forecasts, up 34% to £396million, while operating profits were up by one-third to £413million.
Chief executive Keith Cochrane said the group had achieved its target of doubling 2009 profits by 2014.
He added: “This excellent performance was due to the ability of the group to execute effectively our growth plans in positive conditions in our principal end markets.
“We also progressed our strategic agenda with new product introductions, two acquisitions which further increase our exposure to fast-growing markets and revenue growth from organic initiatives.”
Mr Cochrane added he was confident about the coming year as well.
He said: “The group enters 2012 with a strong order book and with our clear strategy and flexible business model we expect a year of further good progress consistent with current consensus expectations.”
Weir bought a majority stake in Korean firm HIM Tech’s valve business and acquired US oil and gas equipment manufacturer Seaboard Holdings for £433million last year.
It missed out with a £243million bid for Australian mining-equipment firm Ludowici earlier this month, however, after its offer was trumped by Danish rival FLSmidth and Co, but the Glasgow-based firm has asked for Australia’s takeover panel to review its decision to approve the deal.
FTSE 100 company Weir has a presence in more than 70 countries, with 13,000 staff worldwide.
It employs more than 500 people in Scotland spread between its Glasgow headquarters, Alloa and Aberdeen.