Glasgow-based engineering giant Weir Group said its revenue rose 26% to £1.09 billion in the six months to June 30, 2017, “reflecting both the recovery in North American oil and gas and a foreign exchange benefit of £124 million.”

Profit before tax rose 12% to £92 million.

Weir CEO Jon Stanton said: “The first half of 2017 saw the group make good progress as we fully captured opportunities in our main markets. 

“In North America, the oil & gas division delivered a great set of results with margins rapidly improving in recent weeks. 

“Demand increased sequentially, demonstrating shale’s position as a competitive and sustainable source of global energy supply.

“Mining markets also continued to improve with good demand for Weir’s technology as customers sought to increase productivity.

“In our two main businesses we are transitioning from an intense downturn into a recovery and growth phase …

“Looking to the rest of the year and assuming supportive commodity prices, expectations for our oil & gas division were recently upgraded, while guidance for our minerals division remains unchanged.

“Overall, the group expects to deliver strong constant currency revenue and profit growth, with good cash generation and substantial de-leveraging.”