The Weir engineering group sees its profits and orders rise

The Scottish engineering giant Weir Group saw its orders and profits rise, after significantly evolving in the mining sector.

The company said there was a growing demand for technologies to extract precious metals from the rocks needed for green energy projects.

Nearly 75% of Weir 's revenues now come from the mining industry after buying the tool maker Esco last year.

The Glasgow-based company said its operating profits for the year had risen 5 percent to £ 172 million.

Orders rose 17% to £ 1.4 billion, while revenues were £ 1.3 billion, an increase of 22%.

"Pressure" from the government

At the same time, Weir said the North American oil and gas market remains difficult, although there has been "good demand" for its first electric fracking pump.

Weir said global demand for products that turn mining rocks into metals, such as copper, needed to build electric cars, was growing.

CEO Jon Stanton told BBC Radio's Good Morning Scotland that it was a great market.

"If you think of copper and lithium and all the battery metals that will be needed as the world goes through a carbon transition in the next few years, it's a good place to be," he said. he declared.

Stanton said the company also provided equipment to reduce energy consumption in the mines, knowing that stone crushing was one of the most energy-consuming processes in the world.

He added, "In the mining sector, there is no doubt that governments, NGOs and the communities in which they operate put strong pressure on our customers to improve their sustainability.

"It's about reducing energy and water consumption and emissions. I think Weir, as a technology provider to our mining clients, is uniquely positioned to help them meet these challenges and it's all about technology.

Weir added that the group was also working to help mining companies dispose of the waste traditionally stored in what is known as a tailings dam, after the issue was at the center of the Brazil dam disaster early on. of the year.

At the same time, Mr Stanton said that all Weir workers had received free shares worth £ 300 this year and £ 300 the next year, applying for employees from 53 countries.

And with growing concern from business groups and other stakeholders that the UK will leave the EU this year without a trade deal, he added: "Recent developments are not making much difference for us: less than 2% of our income is in the balance. " EU.

"We have prepared the emergency plans for the small part of the group potentially exposed to a Brexit without a transaction."

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