A UK company that recycles metal and exports it around the world has posted record turnover following a government-backed loan.
Derbyshire-headquartered Donald Ward achieved sales of £312 million in its most recent year, according to UK Export Finance (UKEF).
The department provided backing that allowed HSBC to provide an extra £9 million in finance to the recycler in 2022.
Donald Ward spent this on boosting the amount of metal processed and stored at its docks in Immingham and Cardiff, UKEF said.
This means the recycler can now load multiple ships simultaneously and thus export more metal in the same time period. In March 2023, Donald Ward achieved its highest monthly international sales of recovered metals.
UK Export Finance chief executive Tim Reid said: “Stories like Ward’s show how UKEF, working with financial institutions like HSBC UK, can unlock new exporting opportunities for firms across the country.
“Backed by the right financing, innovative businesses like Ward are supporting growth and reducing waste in the UK while making global supply chains more sustainable – this is something which we are proud to support.”
Donald Ward finance director James Balfour added: “We have seen a phenomenal year of growth since this financing was agreed. Support from UKEF and HSBC UK has allowed us to bring our exporting business to new heights, especially in Asia and the Middle-East.”
