Glasgow-based oil and mining engineering giant Weir Group said its revenue increased 28% £2.36 billion in 2017, reflecting both the recovery in North American oil and gas and a foreign exchange translation benefit of £127 million. 

Profit before tax from continuing operations, before exceptional items, increased by 47% to £250 million.

Weir, which employs 14,000 people operating in more than 70 countries, reported net debt of £843 million.

Weir said orders increased 20% to £2.39 billion on a constant currency basis “primarily due to the strong upturn in North American oil and gas markets, coupled with good growth in minerals.”

Oil and gas orders increased 67% and minerals orders up 11%.

Weir CEO Jon Stanton said: “The group’s performance in 2017 reflects the strength of Weir’s leadership positions in our core markets.

“We worked closely with customers to identify opportunities to increase their productivity and invested early to take full advantage of improving conditions. 

“That proactive approach saw minerals deliver great order momentum, underlined by the consistent growth in its high margin, cash generative aftermarket and positioned it decisively for the anticipated upturn in the mining capital cycle. 

“Oil & Gas took full advantage of improving markets in North America to deliver an outstanding operating performance, while flow control turned the corner after a challenging first half. 

“We have also made significant progress in developing the strategic framework that will drive sustainable medium term performance.    

“Looking to 2018, assuming market conditions remain supportive and despite anticipated foreign exchange headwinds, we expect to deliver strong revenue and profit growth and further balance sheet deleveraging.”