Heavy engineer Weir (WEIR) remains on course for double-digit profit growth in 2012 after everything went to plan during the third quarter. If it gets through the next two months without a hitch, selling pumps and valves to miners and oil explorers should generate an underlying pre-tax profit of £440m-£450m, as predicted in July.
That said, it has not been easy. A weaker order book and slowdown at Weir's North American oil and gas operation crimped growth. Overall, orders fell 8 per cent during the quarter, or 15 per cent if you strip out the contribution from acquisitions. Exposure to relatively stable copper and gold markets meant Weir's minerals division kept growing, but the pace slowed and full-year sales will come in just below forecasts.
