By Scott Wright
WEIR Group has highlighted strong demand from miners for after-market spares as it reported year-on-year revenue growth in the third quarter.
The Glasgow engineering giant declared its guidance for “strong revenue and profit growth” was “unchanged” as it stated conditions in the mining industry were “highly supportive” in the three months ended September 30.
It noted that challenges in the supply chain and logistics had eased, while input cost inflation was mitigated, allowing the company to maintain margins.
Chief executive Jon Stanton said: “Moving into the fourth quarter, supply chain challenges are easing, we have strong operating momentum and a record order book.” Commodity prices remained “well above miners’ cost to produce" and physical investors tightened further, Weir said.
Weir noted demand was especially strong among copper miners in South America, and in North America, where the re-shoring of production to the US and the recent resurgence in Canadian oil sands activity has continued. Shares ended the day up 28p at 1,620p.
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