British engineering company Weir Group has done so well this year that it has re-entered the FTSE 100 Index. Based on a strong financial performance it has also upgraded its profits forecast for the current financial year. According to estimates by analysts the company is expected to report a pre tax profit of about £278 million for the fiscal year 2010.
The Glasgow based Weir Group manufactures pumps and valves for the oil and mining industry. The upswing in mining activity as the global financial crisis abates has resulted in an increase of 32% in orders in the 39 weeks ending on October 1. This is greater than the 24% upswing that was reported by the company in July.
The Weir Group had predicted that financial performance of the company in the second half of the year would be better than last year's £95.6 million. They have lived up to the prediction by beating that performance with an additional £50 million.
The mining industry support company employs about 9,000 people. It has prominent clients on its list including the ministry of Defence, BP and BAE Systems.