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Novelis UK gains profit from recycling
Edited by : AL CIRCLE
1 min read
Operating profit has risen at Cheshire recycling company Novelis as the company completes a rationalisation program of its factories.
Four years ago, Warrington-based Novelis UK announced a plan to shut its site in South Wales and in 2011 it agreed to deal with Discovery Foils to sell its base in Shropshire.
According to newly filed accounts for the year to 31 March 2013, operating profit rose from £4.43m to £6m while pre-tax profit fell year-on-year to £5.5m from £21.6m in 2012.
However, this was boosted by a £14.7m credit as part of the reorganisation. Revenue also dropped by £7m to £194m.
A report accompanying the newly filed accounts said: “The year has seen the completion of the plant rationalisation in the UK, and the directors can now foresee a future flow of profitability from the company’s recycling and other activities.
“They have concluded that it is appropriate to recognise a deferred tax asset in respect of accumulated tax losses. The results for the year have been impacted by a release to profit of £24.8m.”
As a result of the large tax credit, Novelis UK finished the year with a post-tax profit of £30.3m, up from £13.6m in 2012.
Four years ago, Warrington-based Novelis UK announced a plan to shut its site in South Wales and in 2011 it agreed to deal with Discovery Foils to sell its base in Shropshire.
According to newly filed accounts for the year to 31 March 2013, operating profit rose from £4.43m to £6m while pre-tax profit fell year-on-year to £5.5m from £21.6m in 2012.
However, this was boosted by a £14.7m credit as part of the reorganisation. Revenue also dropped by £7m to £194m.
A report accompanying the newly filed accounts said: “The year has seen the completion of the plant rationalisation in the UK, and the directors can now foresee a future flow of profitability from the company’s recycling and other activities.
“They have concluded that it is appropriate to recognise a deferred tax asset in respect of accumulated tax losses. The results for the year have been impacted by a release to profit of £24.8m.”
As a result of the large tax credit, Novelis UK finished the year with a post-tax profit of £30.3m, up from £13.6m in 2012.
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