Weir Minerals helps push Weir Group to record profits

The company’s 12 percent profit rise, to the tune of £443 million, was underpinned by the strong performance of its minerals division.

Weir Minerals, which specialises in supplying slurry handling equipment, was boosted by continued demand growth in Chinese and emerging markets for key commodities such as copper.

Weir also said cost efficiencies helped it achieve a record year, which saw revenue up by 12 percent to more than £2.5 billion.

Weir Group chief executive Keith Cochrane, said: "Weir delivered a strong performance for shareholders in 2012 despite challenging pressure pumping markets. We responded rapidly to changing market conditions, realigned capacity, reduced costs in affected areas and continued to maximise operational and cost efficiencies. This allowed us to deliver 2012 results in line with our mid-year expectations."

Looking ahead to 2013, Mr Cochrane forecast that the group would continue to deliver profitable growth, in part through new product introductions.