Thursday, November 15, 2018

News: C.F. Booth back in profit

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Rotherham-based, C.F. Booth, one of the largest independently run recycling companies in Europe, has returned to profitability having refocused on its core activity of metal recycling.

The company specialises in metal recycling and metal ingot manufacturing of both ferrous and non ferrous metals for UK import and export. Their Clarence Metal Works on Armer Street is thought to be the largest scrapyard in Europe.

Established in 1920 it has grown from a local metal trader to offer a range of services including specialist forms of scrap metal recycling and the trading and processing of all grades of ferrous and non-ferrous scrap. the group employs around 300 staff.

For the year to March 31 2018, turnover at the family firm increased by £19.9m to £139.8m, an increase of 16.7% on the previous year. It meant that the firm was back in profit with a profit for the year before taxation of £576,000 compared to a loss in 2017 of £231,000.

Metal recycling accounted for £132.9m of turnover. £63.2m of the total turnover came from overseas trade.

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A financial report from the company states: "Considerable work was done in the previous year to restructure the business and to streamline operations in order to refocus the group on its core activity of metal recycling. The comprehensive restructuring plan involved two of our group companies downsizing significantly and relocating their operations to reduce costs and improve efficiency."

Bosses put the increase in sales down to a further improvement in market conditions during the year, adding: "The group trades predominantly with assets linked to commodity prices and as a result it is highly exposed to movements in the price of metals. Metal prices remained buoyant during 2017 and 2018, with prices at 31 March 2018 being 30% - 35% higher than the lows reached during 2016. Exports represented 45% of total sales which consistent to 2017 (45%)."

Turnover at the group rose annually from £42m in 2000 and peaked at £272.3m in 2012 before being hit by lower metal prices.

The report also adds that C.F. Booth secured long term finance and repaid its overdraft facilities with NatWest bank, giving it a strong financial position with working capital to invest in further growth.

C.F. Booth website

Images: Google Maps

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