Weir Group, the Glasgow-based global engineering and mining giant, saw its shares rise as much as 5% after the firm upgraded its full-year revenue and profit guidance and said first-half revenue rose 19% to £1.3 billion and profit before tax soared 35% to £170 million.

Interim dividend will rise 32% to 17.8p.

In its outlook, Weir said: “Activity levels in our mining markets are strong …

“With a positive book-to-bill we enter the second half of the year with a record order book, and strong operating momentum.

“We now expect to deliver strong growth in full year constant currency revenue and operating profit, with operating profit towards the upper end of the range of analysts’ current expectations …”

Weir Group CEO Jon Stanton said: “Weir has a compelling value creation opportunity underpinned by the global energy transition and the benefits of our Performance Excellence transformation programme.

“Global decarbonisation is driving growth in demand for critical energy-transition metals and our customers’ focus on more sustainable extraction and processing techniques necessitates the adoption of new technologies.

“Weir’s engineering capability, leading brands and growing portfolio of sustainable solutions is delivering on this need and enhancing our position as a supplier of mission critical solutions and services to the mining industry.

“In addition, Performance Excellence will deliver compounding benefits as we optimise our business to deliver margin expansion and strong cash conversion.

“In the first half of the year we performed well, winning market share, growing orders and executing strongly to deliver significant growth in revenue and operating profit.

“With a positive book-to-bill we enter the second half with a record order book, excellent operating momentum and high activity levels in our mining markets.

“After a strong performance in the first half we raise our full year revenue and profit guidance, and have confidence in meeting our 2023 margin and cash conversion targets.”