Profits increase at stockholder

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Leading independent steel stockholder Barrett Steel has increased pre-tax profits by almost 50 per cent for the year to the end of September.

The company, which has two sites in Rotherham, increased profits from £2.2 million to £3.1 million during the year.

Chairman Roy Butcher said: “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.”

The company says investments included £300,000 spent on profiling equipment at C Roberts’ engineering steels plant on the Eastwood Trading Estate.

It also made significant investment in the oil and gas sector, launching an Energy Products Division, which has a site on the Centurion Business Park, also in Rotherham.