Metals recycler, S Norton & Co Ltd, has reported a return to profit in the year to December 2016 after what it described as ‘poor results’ the previous year.
The company said that the annual turnover of the family-owned company increased to £205 million for the year to 31 December 2016 (£147m in 2015).
S Norton reported sales up by a third as rising prices helped to push its annual turnover back above £200m.
The company comment that the sales volumes rose by a third as the effects of rising prices helped to push its annual turnover back above £200 million.
Profits improved to £23.9m last year, compared to a loss of £27.7m in 2015.
In his financial report, John Norton, chairman, said the steady worldwide growth in demand for steel scrap over the 12 months enabled the Group to achieve a corresponding increase in sales margins. He continued: “This was helped considerably by the weakening of sterling versus the US dollar after the Brexit decision in June last year.”
Uncertainty
Given the economic uncertainty that was created by the EU referendum, Mr Norton said the directors were ‘particularly keen’ to expand the range of countries that the company does business with.
According to Mr Norton, in 2016 the company traded with more countries than in the previous year and it plans to continue this geographical expansion across the world.
And by retaining its workforce throughout the downturn, even though times were very difficult, the Group reported it was able to take advantage of the ‘upswing’.
Mr Norton said: “The directors wish to place on record their appreciation for the dedication and commitment of all employees over the period.”
Careful management of stocks and maintaining good relationships with their overseas customers also contributed trading success last year, the company stated.
Suppliers
Charlie Norton, purchasing director added: “We take good care of all our UK suppliers with prompt payment and friendly customer service.”
The Group notes, that in line with its five-year plan, the drive for growth has continued into 2017 and with plans to invest for the future. Following recent investment in plant, cranage and associated site works of more than £10 million at its Barking site in London, further investment of a similar nature is planned over the next two years at its Liverpool, Manchester, Southampton and London sites.
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Source: letsrecycle.com Metal
