Barrett Steel, the UK’s largest independent steel stockholder, reports a near 50% increase in pre-tax profits from £2.2m to £3.1m in the recently filed company results for the financial year to September 2013.
Roy Butcher, non-executive Chairman of Barrett Steel, says: “We are encouraged by the results of the annual accounts.
“The current trading year has started with further pressure on prices though demand generally remains reasonable, we remain optimistic for the remainder of the year.
“Despite a challenging construction market Barrett Steel’s turnover has risen from £261m to £273m and we have continued to invest in capital projects, including energy efficiency.”
Andrew Warcup, Group Financial Director, explains: “Part of this investment includes £300,000 spent on profiling equipment at C Roberts Steel Services in Rotherham and upgrading lathes at the Forge in Newcastle-upon-Tyne at a cost of £600,000.”
Roy Butcher adds: “As part of our long-term growth strategy we have made significant investment in the oil and gas sector with the launch of the Energy Products Division targeting the global energy markets and further developments at the Houston, Texas depot.
“Other recently developed UK based businesses are focused towards export markets and export led customers in line with Board strategy to extend the group’s global reach and gain competitive advantage world wide.”
Barrett Steel also continues to invest in its Environmental Improvement Strategy with the installation of solar panels across the UK sites. Mel Bray, Director of Integrated Management Systems, explains: "The project is an integral part of company strategy to reduce our carbon footprint.”