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Barrett Steel reports increase in profits as salesrise /bs067 / 29.01.15

Barrett Steel, the UK's largest independent steel stockholder, reports a near 91% increase in pre-tax profits from £4.6m to £8.8m in the recently filed company results for the financial year to September 2014. Turnover for the year increased by 14% to £312m. Export sales increased to £44.2m from £30.7m in the previous year.

Roy Butcher, non-executive Chairman of Barrett Steel, says: "The year ended 30 September 2014 has seen an improvement in demand and profit before tax although margins were affected by declining steel prices throughout most of the year."

The Group continued to invest in the core businesses with a capital investment programme amounting to £9.8m during the year. Additional freehold land was purchased in Houston, Texas, for £1m. Freehold land and buildings were purchased in Maghaberry, Northern Ireland for £1m. A further £500,000 was invested in improving other parts of the estate within the Group. As part of the company's environmental commitment £400,000 was invested in energy efficient lighting and solar energy systems with 16 of the Group's sites now covered by an energy efficient scheme.

Roy Butcher continues: "We are hopeful that the signs of recovery in the traditional construction market will continue into the new financial year although the rate of the recovery has seen some slowdown in recent months.

"We remain confident that the improved demand seen by the Tubes Division in a number of its traditional transport and automotive markets will continue into 2015.

"We have made significant investments in the oil and gas sector over recent years and intend to continue this strategy in Houston which continues to perform ahead of the original plans.

"Whilst there have been positive signs in the UK both in demand and in general economic improvement the need for growth in the global economy remains the key factor for sustainable profitability for the worldwide steel industry."

More information is available from Chris Lamb at Barrett Steel, tel: +44 (0)1274 682281, email:chris.lamb@barrettsteel.com,www.barrettsteel.com.

#ENDS#

Photo: Barrett Steel reports increase in profits as sales rise. (Images available from Ros Nuttall,Chapelfield PR, email:rosalind@chapelfieldpr.com, tel: 07702 310743).

Editorial contact:
Ros Nuttall, Chapelfield PR, e:rosalind@chapelfieldpr.com
T: +44 (0)7702 310743, W:www.chapelfieldpr.com

Company contact:
Chris Lamb, Group Marketing Manager, Barrett Steel, e:chris.lamb@barrettsteel.com
Tel: +44 (0)1274 682281,www.barrettsteel.com

About Barrett Steel Ltd

Founded by Henry Barrett in 1866 Barrett Steel has grown both organically and by acquisition to become the UK's largest independent steel stockholder.

The group now consists of 42 companies operating from 28 locations across the UK, Ireland and the US and is divided into four divisions: General Steels; Engineering Steel; Tubes and Energy Products. The four divisions strategically work together in a forward-thinking philosophy to serve customers worldwide. Each company operates with the full backing and support of the Barrett Steel Group. Dedicated staff - wherever they are based across the UK - act as customers' one point of contact, whatever product or service is required.

Barrett Steel continues to invest in people, plant and products to ensure that the company is ideally placed to meet customers' requirements. In 2014 Barrett Steel commenced an academy programme to develop future managers.

Barrett Steel holds international accreditations including the quality initiative ISO 9001:2008, the environmental standard ISO 14001:2004 and CE approvals up to Execution Class 4 in BS EN 1090-1:2009.

Issued by: Barrett Steel, Barrett House, Cutler Heights Lane, Dudley Hill, Bradford, West Yorkshire BD4 9HU
T. +44 (0)1274 682281, E:chris.lamb@barrettsteel.com, W:www.barrettsteel.com