A steel processing business based in Crosskeys has reported almost a doubling in its profits.
According to accounts filed at Companies House, Capital Coated Steel reported an operating profit of £681,000 for its year ending in March.
This compared to an operating profit of £337,000 for the previous year. Turnover also rose from £30.2m to £33.5m.
The business, one of the largest steel processors in Europe, is based on the North Blackvein Industrial Estate at a former Tata Steel site.
The company moved to its present 130,000 sq ft home in 2015 in a £3.5m move to consolidate its operations from Cardiff and Pontypool.
The group, which also includes Brunel Steel Services and Macwards Precision Slitting, said profit had been achieved against a background of “market uncertainty” and by deploying a tight control on costs.
The business’ accounts for 2015/16 had been impacted by the sale of its Cardiff site and the one-off costs of relocation.
New markets and products have been targeted for future growth.
Established in 1972 by John Hunt, Capital Coated Steel is a family-run business and is the largest independent specialist distributor of pre-coated steel in Europe. The company processes over 70,000 tonnes of steel annually, used in everything from cladding to consumer electronics.
Brexit is good for business.
Yes it is, I just wish Theresa May would get on with it. The EU is collapsing anyway and the sooner we are out the better.
I have thought for a while that we need to be out, up and running before the inevitable collapse of the Eu.
Just have to be prepared for all the blame when it does.
I’m sure the EU fear us leaving and their refusal to discuss matters is also holding up progress – which is probably what they want.
I agree let’s get on with it and show the negative “Remoaners” that leaving will actually benefit us.
Absolutely, it is very apparent that the EU reps are mainly concerned with the amount of money they can extract from Britain, not the the foreign citizens that are living here nor border arrangements with Eire. Thank goddness we will soon be out.
Spot on – Michel Barnier need not criticise Theresa May when ,as you correctly say,all he wants to talk about is how much money he can get the UK Government to pay the EU.
There is a lot of growing discontent from countries within the EU,so it will only be a matter of time before he will be negotiating leave terms with countries from within the EU and hopefully,finally the demise of the EU as we now know it.