Interactive Investor: British engineer Weir posted a forecast-beating 12 percent rise in profits in 2012, as strong demand for its pumps from mining companies offset a weaker performance in oil and gas.
The pumps and valves maker posted full-year pretax profit of 443 million pounds, ahead of the 396 million it made in 2011, and beating a consensus forecast of 434 million from a Thomson Reuters I/B/E/S poll of 21 analysts.
Profit growth was underpinned by demand for Weir's products and services from mining companies, particularly from copper and gold projects in South America and Africa.
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Pump-maker Weir profit rises on strong mining demand