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UK's Weir Group warns of "significant reduction" in 2015 revenue

Reuters - UK Focus

Feb 25 (Reuters) - Engineer Weir Group Plc said it expected a significant reduction in revenue on a constant currency basis, as well as lower operating margins, in 2015.

The company, which makes valves and pumps for the energy and mining industries, reported a 9 percent rise revenue on a constant currency basis for the year ended Jan. 2.

"While visibility in oil and gas remains limited, it is clear that the group's strategic progress and cost initiatives will only partly offset the impact of a substantial reduction in demand and the associated pricing pressure," Chief Executive Keith Cochrane said in a statement on Wednesday. (Reporting by Roshni Menon in Bengaluru; Editing by Ted Kerr)