StockMarketWire.com - Engineering company Weir Group said its orders in the first quarter rose, as the acquisition of Esco offset weakness in its oil and gas division.

Orders from continuing operations in the three months through March including Esco, which was acquired last July, rose 18% on-year.

However, when Esco was excluded, orders fell 7%, which the company said reflected reduced oil and gas activity.

Weir said its full-year constant currency revenue and profit expectations were unchanged.

'Weir has continued to deliver, with our first quarter performance in line with our expectations,' chief executive Jon Stanton said.

'We benefited from our strengthened leadership position in mining where we are helping more customers meet their priorities of optimising current operations and planning for future expansions.'

Esco's performance remained ahead of initial expectations with good demand for its premium technology.'

'As expected, oil and gas markets were at similar levels to late 2018 as a result of capital and pipeline capacity constraints in North America and the absence of the strong levels of first half refurbishment activity seen last year.'

'The group's full year outlook of good constant currency revenue and profit growth remains unchanged.'



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