Scottish engineering firm Weir Group reported a jump in turnover and profits yesterday, thanks to demand for its pumps from mining companies.
The strength of the market in mining equipment, helped by projects in South America and Africa, offset weaker demand in the oil and gas division caused by low gas prices in the US.
Weir said turnover in 2012 was up 11% at £2.5billion, while operating profits were up 18% at £486million and pre-tax profits rose 12% to £443million. Chief executive Keith Cochrane said Weir expected to deliver low single-digit revenue growth and broadly stable margins in 2013.