Glasgow-based engineer Weir Group today reported a fall in full-year profits after suffering a drop in sales because of over-capacity in the fracking industry.
For the 53 weeks to 3 January, Weir posted a pre-tax profit of £418m, down from £440m the previous year, on revenues 4 per cent lower at £2.4 billion.
Despite the drop in earnings, the board recommended a 10.7 per cent hike in the final dividend to 33.2p a share, payable on 30 May, taking the total payout for the year to 42p.
Chief executive Keith Cochrane said: “2013 was a challenging year in many of our end markets but our relative outperformance demonstrated the strength of the group’s strategy, the diversity of our portfolio and the resilience of our aftermarket-focussed business model.
“In 2014, we anticipate that the group will return to underlying growth despite mixed end market conditions.”