Non-ferrous metal recycler Romco Group announces record-breaking FY21 results

On 18^th March 2022, the international metals recycler, Romco Group which produces clean and sustainable essential metals that decarbonise the global supply chain declares its record-breaking financial and operational results for 2021.

A strong Q4 performance for the company triggers to be a record year for Romco, with a 330% jump in Y-o-Y revenue. The production level soared by 194% following upgrades to Romco’s facilities, which now consist of 7 furnaces including a new facility in Ghana and two copper furnaces.

Ramco's track record for delivering rapid, profitable growth was recently reinforced by a $6.2m Series A equity round based on the valuation of $180m. However, the capital raise forms part of an ongoing fundraising strategy that is supercharging expansion and revenue growth.

Raymond Onovwigun, the CEO of Romco Group CEO, commented: “2021 was a record year for Romco and we are looking at numerous funding options to feed our proven operating model. With global supply declining and demand increasing, there is an urgent need to ramp up the recycling of existing metals in the supply chain.  Demand for aluminium is expected to grow by 80% by 2050. The threat of devastating carbon emissions generated by the primary production of aluminium must be mitigated. We have made it our mission at Romco to transform the production of metals to address tightening supply and help solve the climate crisis. “

“We took important steps during 2021 to advance operations and to do so sustainably by switching to compressed natural gas for all our furnaces in Nigeria. We have also built new trade hubs across Sub-Sahara Africa, and we have strengthened feedstock lines by growing our Small Business Buying Program by 300%. This enables local communities to participate in our growth as we look to meet the demands of major global OEMs whose supply chains are under increasing pressure.”

The key highlights for 2021:

• Combined metals inputs of 17,937 tonnes (up 248% YoY)
• Revenue of $29.4 million (up 330% YoY)
• Increased output of sustainable materials by 194% YoY
• Production of Tense (Mixed Aluminium Castings) of 14194 tonnes (up 455% YoY)
• Production of Tense / High Zn of 625 tonnes (up 950% YoY)
• Total Energy Output savings of 123,441mWh, versus 130,252mWh for primarily produced equivalent
• Total CO2 Emissions Savings of 35,558mt CO2 over primary production
• Opened a new facility in Ghana and upgraded to a total of 7 furnaces across the Group (including two for copper), installed CNG to further reduce carbon emissions of our operations, built new trade hubs and strengthened our feedstock supply network by 300%
• £4.1 million deployed by Romco’s Small Business Buying Program, a loan vehicle for local trade merchants, sole traders, and scrap suppliers to grow their recycling business by employing hundreds of workers alongside Romco to meet the global decarbonisation challenge.