Pump firm expects to double profits - graduate jobs

Graduates could soon join the 9,000-strong workforce already in place at pump and valve maker Weir after the company revealed it is on course to meet its target to double profits over the space of five years.

The Glasgow-based group has earned a place in the FTSE 100 Index after increased demand in the oil, gas and mining sectors helped it record a 58% rise in full-year profits to £295 million.

The company is currently receiving orders on an unprecedented scale and with several mining "mega-projects" in the pipeline in South America and Australia, Weir is confident of further growth in the current year and reaching its target of doubling its 2009 profits by 2014.

Weir has not looked back since it broke into the FTSE 100 Index in September and has seen its shares rise by 250% over the last two years.

The company, which employs 9,000 staff and works for customers including BP, BAE Systems and the Ministry of Defence, said two of its three markets recovered by more than expected during 2010.

In the case of minerals, China's growing demand for commodities has resulted in increased production volumes. In contrast, the power and industrial sector remained subdued, Weir added.