BARRETT STEEL ENCOURAGED FOR THE YEAR AHEAD

In the year ending 30 September 2013, Barrett Steel increased turnover by 5 per cent to £273m, up from £261m a year earlier. Pre-tax profits also rose, growing from £3.1m to £4.6m for the same periods. During the year, Barretts invested £6.9m in capital projects, including buying the freehold to our site in Burton on Trent and upgrading plant and machinery. We also opened a stockholding and processing facility in Houston, Texas. Earlier this month, we announced a further investment with the launch of a new division to target the global energy markets. "We strategically made the move into the oil and gas sector four years ago and have had year-on-year growth ever since," said managing director John Childs. "With continued investment in both people and equipment, the new division gives us a corporate identity that supports our vision of becoming a world leader as a solution provider for the energy industry." Chairman Roy Butcher added: "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."