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S. Norton & Co profi ts increase by a third
The world leader in
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The Flightshed - The Taxiway Weston Super Mare -BS248FL
www.nwgypsum.com
PRICE increases for the main ferrous grades pushed up turnover and profi ts by a third for Liverpool-based S. Norton & Co Ltd, according to their latest published accounts for 2017. In a fi nancial report, company chairman John Norton said the upturn in market conditions, which began in 2016 continued throughout 2017, resulted in the annual turnover increase of £205 million [in 2016] to £272 million at the end of 2017. The family-owned company is a prominent player in the UK’s metal recycling industry, and also reported a £25.5 million pre- tax profi t for 2017 compared with £23.9 million in 2016. John said: “Despite some volatility along the way, dollar sales prices for the main ferrous grades fi nished the year more than 20% higher than they had started at.
“These price increases helped drive turnover up by a third – to over £272 million – and likewise operating profi ts rose signifi cantly, from £16 million to over £23 million.”
Mr Norton further explained while the large foreign exchange gains of 2016 were “largely a result of the EU referendum decision,” this year’s movements still added more than £2 million to earnings, leaving profi ts before tax up by almost 7% from the previous year, at over £25 million. This improved trading-performance generated signifi cant cash surpluses over the year and allowed the group to settle all of its outstanding bank loans by the year end.
Looking forward, John Norton described the prospects for the metal recycling industry as “ambiguous.”
He added: “Although long-range forecasts anticipate increasing demand for scrap metal, uncertainty over the terms of Brexit will cast something of a cloud over the UK economy in the short run with the potential to impact on scrap arising as a result.” While the state of the global economy will always be the biggest infl uence on the Group’s trading performance, Mr Norton warned current tensions around tariff s and “perceived protectionism” could clearly have a “detrimental eff ect on demand should a full- blown trade war ensue.” Additionally, S. Norton & Co have improved grading structures since the turnover increase and increased staff numbers from 177 employees – up from 155 in 2016. As part of the Group’s growth plan, several major investment projects have been identifi ed in the short-to-medium term across their four sites in Liverpool, Manchester, Southampton and London.
58
SHWM October, 2018
www.skiphiremagazine.co.uk
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