Profits at Aberdeen-based recycling, decommissioning and steel tubulars company John Lawrie Group more than doubled during 12 months which saw it undergo a private equity-backed management buyout and handle the highest tonnage of scrap metal in its history.
The business, which has operations in Shetland and the Ross-shire village of Evanton, said it plans to continue expanding into other parts of the UK.
The group, which has a workforce of 80 in Britain, the US and Europe, announced pre-tax profits of £11.5 million for the year to the end of last December, compared to £4.6m in the previous 12 months. Turnover also nearly doubled to £83m over the same period.
In November 2017 the firm was acquired by four members of its management in partnership with industrial investor Rubicon Partners and with principal investment from private equity firm Grovepoint. The following month its metal recycling division acquired the Rova Head facility, near Lerwick.
Group financial director Charlie Parker said there was an “excellent performance across the whole group” in 2017
He added: “The acquisition of a new facility in Shetland adds to our existing metal recycling operating bases in Aberdeen, Montrose and Evanton. We have also established a mobile project team that has carried out decom work at numerous port facilities.
“Our strategy for the metal recycling and decom divisions will see continued expansion into other parts of the UK, to enhance our service offering to existing and new clients.”