Titanium miner Kenmare Resources has reported a 40% increase in revenue to $234.5m in 2012 from $167.5m the previous year.

In a trading update for last year, the company said that its total production of heavy mineral concentrate came to 772,300 tonnes.

Finished product volumes for the year were 574,500 tonnes of ilmenite and 46,900 tonnes of zircon.

It said that 680,800 tonnes of finished products were shipped in 2012 compared with 730,400 tonnes in 2011.

Kenmare's products are heavily used in industry for making paints, paper, plastics and pharmaceuticals.

The company noted that 2012 was a year of contrasting halves for the titanium industry. During the first half, demand was very strong and prices grew steadily. But as the painting season in the second quarter was weaker than expected, demand fell and the company noticed some downward pricing pressure.

Kenmare said that underlying demand for titanium - which is closely related to world economic growth - is expected to improve as global economic conditions strengthen in 2013.

''Given improvements in the real estate market and automotive manufacturing in the US and the stabilisation of economic activity in China, Kenmare expects stronger market conditions to emerge with an improving pricing outlook for feedstocks during the course of this year,'' the company's trading update stated.