Results dip but steel stockholder hails “strong trading performance”

A prominent steel stockholder headquartered in Leicestershire has hailed its "very strong trading performance" against an "uncertain marketplace" despite turnover and pre-tax profits dipping from the prior year.

Uptonsteel supplies a range of steel products, including hot dipped galvanized, cold reduced, hot rolled, electro zinc coated and aluminsed.

Newly filed accounts for CJ Upton Holdings revealed that the business generated a turnover of £148.4m for the year to 31 December 2022, down from £158.8m in 2021.

Pre-tax profits went from £47m to £17.3m over the same period.

A statement signed off by the board said: "The directors are pleased with the performance of the group during the year under review, which saw the business report a very strong trading performance for the second year in succession.

"This performance was achieved against the backdrop of a continuingly uncertain marketplace, still impacted by the effects of the global pandemic, Brexit and the conflict in the Ukraine, which once again reflects the board's clear and positive focus on its product purchasing and sales strategies."