Glasgow-based engineering firm Weir Group has seen profits before tax fall to £63 million in the first half of 2020.
The 41 per cent drop in profits came as the company suffered from a weaker demand in oil and gas business to the COVID-19 pandemic.
Revenue also fell by 18 per cent to just over £1 billion as the business prioritised the safety of its employees and customers first during the crisis.
The FTSE 250-listed engineering company added that guidance remains withdrawn while Covid-19 uncertainty remains. It withdrew guidance in March due to the uncertainty in its markets from the pandemic.
Jon Stanton, Weir Group Chief Executive Officer said: "Our performance in these unprecedented times has reaffirmed the fundamental strength of Weir. Across the Group, we adapted quickly to the challenges of Covid-19, putting the safety of our people and communities first, while also fully supporting our customers. Our core mining technology businesses showed their inherent resilience and the critical role they play in keeping essential activities running. Our Oil & Gas team also skilfully navigated extremely challenging market conditions.
"As we look ahead, while the business is performing well, it is too early to provide guidance on the full year given ongoing uncertainty due to Covid-19. More broadly, the long-term outlook for mining remains positive, supported by demographic trends, carbon transition, the long-term decline in ore grades and the need to reduce waste and water and energy consumption. Weir is ideally placed to help make our mining customers' operations smarter, more efficient and sustainable and we look forward to unlocking more of these opportunities in the future."
