The Glasgow-based specialist pump and value maker said operating profits for the full year will be lower as a result of project phasing in Minerals, one-off plant reconfiguration costs and ‘investment in growth’.

The profit warning came in spite of Weir, which makes valves and pumps for the energy and mining industries in more than 70 countries and is one of Scotland’s biggest employers, reporting a 12 per cent rise in order growth from minerals customers in the third quarter, as well as the continuing recovery of the North American onshore oil and gas sector.

Oil and gas orders jumped 56 per cent in the third quarter, on a like for like basis that excludes the impact of acquisitions.

Original equipment orders were up 82 per cent, while aftermarket orders climbed 50 per cent.

“Strong activity levels in North American onshore oil and gas markets supported pricing improvements as the division underlined its position as the equipment supplier of choice to the major shale pressure pumpers,” Weir said.

Weir has a big exposure to the US fracking sector, and shed around 2,000 jobs following the crude price slump in late 2014.

Chief executive Jon Stanton said the company, which employs around 14,000 staff in more than 70 countries, said: “At a group level, we anticipate strong growth in full year constant currency revenues and profits.

“Minerals profits are expected to be slightly lower than previously indicated while expectations for Oil & Gas and Flow Control are unchanged.”