Mercury Recycling promises bright future

MERCURY Recycling, which recycles fluorescent light tubes and sodium street lights, said today it has increase half-year operating profits by a third and is on course to pay a full-year dividend.

The Trafford Park-based group said that sales sales increased to £1.5m from £1.3m in the six months to June 30 while operating profits increased by 34% to £312,000.

Chairman Lord Barnett said that the results only included one month’s trading figures from newly acquired subsidiary Envirolite which has sites in Solihull, Ringwood in Hampshire and Perth, Scotland.

The acquisition is predicted to add around £1m to annual sales.

Lord Barnett said: “The full integration of the businesses is proceeding smoothly. In addition, implementation of the WEEE Directive, as anticipated, is bringing increased sales every month.

“Even after taking into account the recent cash purchase of Envirolite, our financial position remains healthy and is improving all the time. We continue to look for complementary businesses which can help us broaden our service and further develop our customer base, whilst also focusing on our recently introduced WEEE and Battery Recycling services.”

Of a planned full-year dividend he said: “On the basis of current trading and in the absence of unforeseen circumstances, I am hopeful that this intention might be fulfilled.”