Weir Group indicates early evidence of North America pricing pressure
Weir Group updated the market on its current position on Thursday, as it undertook its usual investor roadshow in London to discuss its half-year results, as well as its strategic progress since the completion of the ESCO acquisition.
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The FTSE 250 company said that, given recent updates from oil and gas industry peers in recent days, it expected to discuss the current North American oil and gas market conditions.
“Those market conditions were in line with management expectations through to mid-August,” the board said in its statement.
“In the last two weeks of August activity levels supporting our oil and gas aftermarket business remained as expected, albeit with initial signs of pricing pressure.
“However, there was a considerable softening in demand for original equipment and some order book delivery deferrals,” it added.
No further information on current trading would be provided, Weir said.