Glasgow-based engineering group Weir (www.global.weir) posted strong increases in underlying sales and profits in 2018, due to a recovery in its core mining and oil and gas markets.

However, the company took a £209 million hit for ‘exceptional items’, mainly due to its acquisition of US-based ESCO and restructuring costs.

Sales from continuing operations rose by 15% on a like-for-like basis to £2.45 billion, and operating profit before exceptional items increased by 13% to £348 million.

The company said that its Oil & Gas Division took full advantage of strong demand in the first half of the year, contributing to a 17% increase in orders and a strong margin performance.

Chief executive Jon Stanton said: “The last year has been transformational for the group.

“With ESCO, we completed our largest-ever acquisition, while also agreeing the sale of the Flow Control Division.

“The result is a more focused and higher-quality global business that is simpler and stronger, with more than 80% of the group’s revenues from attractive upstream mining and oil and gas markets.

"At the same time, we have made significant progress on our strategy and delivered good order and profit growth, underpinned by strong cash generation.”

Weir recently sold its Bellshill-based Flow Control Division, which manufactures engineering pumps, valves and other items used in power, industrial and downstream oil and gas applications, to a US private equity firm in a £275 million deal.

The plan to sell the division was first announced last April, alongside the acquisition of US-based ESCO, which strengthened Weir’s position in global mining markets.