Member Article

Bradford steel firm sees pretax profits climb 90%

Bradford-based Barrett Steel has reported an impressive 90% increase in pretax profits, to £8.8 million for the year ending September 2014.

According to the Yorkshire Post, Barrett also saw 14% increase in turnover to £312 million, with exports up 44% to £44.2 million.

Chairman Roy Butcher said falling steel prices had held back margin growth, but overall their growth was aided by an impressive advance into the construction industry, however Roy Butcher warned of difficult times for the steel industry.

The group expects further growth in construction despite a recent slowdown, but it is expected that global challenges will put pressure on the market.

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

“For producers, the current forecast of over capacity, lower commodity prices and higher energy costs offers little comfort.”

Barrett Steel was founded in Bradford in 1866 and claims to be the UK’s largest independent steel stockholders.

It now comprises 43 companies across 31 locations, with divisions covering general steels, engineering steels, tubes and energy products.

This was posted in Bdaily's Members' News section by Clare Burnett .