Scrap metal giant European Metal Recycling (EMR) has reported increased sales but a fall in profits.
Sales increased in 2011 to £3.4 billion from £2.8 billion in 2010. But in newly filed accounts at Companies House, the company reported that profits fell from £155 million to £116 million due to difficult economic conditions.
In its accounts, the company said: “The director’s believe the group’s existing businesses are well placed for future growth.”
Its steel and iron business was said to be “reasonable” in 2011 with Asian demand for steel helping compensate for weak demand from Europe and the United States.
For non-ferrous metals, it expected that conditions would remain buoyant.
It intends to invest in its equipment for its British and American businesses and continue to work with its American acquisitions from 2011 including Gold Recycling in Texas.