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Barrett Steel reports increase in profits as sales rise/bs052-N / 17.02.14

Barrett Steel, the UK's largest independent steel stockholder, whose Energy Products Division has a site at Low Walker in Newcastle-upon-Tyne, reports a near 50% increase in pre-tax profits from £2.2m to £3.1m in the recently filed company results for the financial year to September 2013.

Roy Butcher, non-executive Chairman of Barrett Steel, says: "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."

Andrew Warcup, Group Financial Director, explains: "Part of this investment includes £600,000 upgrading lathes at the Forge at Low Walker."

Roy Butcher adds: "As part of our long-term growth strategy we have made significant investment in the oil and gas sector with the launch of the Energy Products Division targeting the global energy markets and further developments at the Houston, Texas depot.

"Other recently developed UK based businesses are focused towards export markets and export led customers in line with Board strategy to extend the group's global reach and gain competitive advantage world wide."

Barrett Steel also continues to invest in its Environmental Improvement Strategy with the installation of solar panels across the UK sites. Mel Bray, Director of Integrated Management Systems, explains: "The project is an integral part of company strategy to reduce our carbon footprint."

More information is available from Chris Lamb at Barrett Steel, tel: +44 (0)1274 682281, email:chris.lamb@barrettsteel.com,www.barrettsteel.com.

#ENDS#

Photo:Barrett Steel reports increase in profits as sales rise. (Images available from Ros Nuttall,Chapelfield PR, email:rosalind@chapelfieldpr.com, tel: 07702 310743).

Editorial contact:
Ros Nuttall, Chapelfield PR, e:rosalind@chapelfieldpr.com
T: +44 (0)7702 310743 / +44 (0)1706 224164, W:www.chapelfieldpr.com

Company contact:
Chris Lamb, Group Marketing Manager, Barrett Steel, e:chris.lamb@barrettsteel.com
Tel: +44 (0)1274 682281,www.barrettsteel.com

About Barrett Steel Ltd

Established in 1866 by Henry Barrett, Barrett Steel has expanded organically and by acquisition to become the UK's largest independent steel stockholder.

The Group now comprises 42 companies operating from 28 locations across the UK and is divided into four divisions: General Steels; Engineering Steels; Tubes; and International. Recent expansion has seen a stockholding and processing facility being opened in Houston, Texas.

The numerous steel stockholding companies and divisions operating across the UK serve customers worldwide, united in a forward-thinking philosophy, commitment to technological innovation and exacting customer service standards. Each company operates with the full backing and support of the Barrett Steel Group.

Barrett Steel's head office is located in Bradford, West Yorkshire, on the site where its nineteenth century founder, Henry Barrett, set up premises in 1910.

Barrett Steel operates to ISO: 9001 2008.

Issued by: Barrett Steel, Barrett House, Cutler Heights Lane, Dudley Hill, Bradford, West Yorkshire BD4 9HU
T. +44 (0)1274 682281, E:chris.lamb@barrettsteel.com, W:www.barrettsteel.com