European Metal Recycling (EMR) reported modest increases in revenue and gross profits in 2023 despite a trading environment that grew increasingly challenging as the year progressed. "Despite the market conditions during 2022, a strong performance was delivered overall in all regions," said the company in its annual report submitted to Companies House. The UK-based ferrous and non-ferrous recycler's performance in 2022 "should be set in the context that 2021 was an exceptionally strong year for the group and the metals recycling sector in general", the group's executive team wrote in the report.
In its review of last year and the discussion of the short and mid-term outlook, EMR highlighted the role of recent investments, which "provided a solid basis for performance", despite the "more challenging" outlook in the short-term. The company opened new recycling facilities in Scotland and London last year, and "substantial technology and capacity investments are in progress", according to the annual accounts. In the US, EMR's new "zero-emissions" shredder in Minnesota is performing well. The company's new shredder downstream operation in Camden, New Jersey started contributing in 2022 and further investments are expected to make a contribution to earnings in 2023. In the EU, the group highlighted the opening of a new recycling facility in Duisburg, Germany, which it expected to start contributing fully in the current business year....
