Aberdeen’s John Lawrie Metals sees profit surge despite turnover decline
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John Lawrie Metals, headquartered in Aberdeen, has posted pretax profits of £2.4 million, a significant increase from the £9.7m loss reported the previous year.
The loss in the FY ending 31 December 2022 was a result of an inter-group loan write off worth £10.8m
The rise in profits in 2023 comes on a decrease in turnover, which the company attributes to fluctuating steel and oil and gas price. The firm recorded £48m turnover in the year ending 31 December 2023, down from £54m in 2022.
The company’s directors acknowledged that “certain commodity prices” had influenced their performance and said they continue to monitor these markets closely. The strategic report accompanying the accounts noted that the company’s activities are directly and indirectly affected by the prices of steel, oil, and gas.
The latest accounts also reveal a decrease in staff numbers, from 42 in 2022 to 35 in 2023. In March 2022, Indian billionaire Lakshmi Mittal’s family business, ArcelorMittal, acquired more than one-third of JLM for an undisclosed sum.
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