Its preliminary results for the year ended 31 December 2009 showed that Mercury Recycling remained profitable despite sales dropping from GBP£3.074 million to GBP£2.789 million in 2009. Pre-tax profits finished at GBP£333,000 but were down from GBP£534,000 a year earlier.
Furthermore, operating profits were down from GBP£558,000 to GBP£343,000 as a result of prices being forced down.
Now, Mercury Recycling believes moving into the “growing areas” of battery and LCD display are important opportunities for the firm. Furthermore, it is looking at ways to increase its battery collection, sorting and recycling service.
The affects of the recession were blamed for the company’s performance. According to Mercury Recycling, lamp and tube manufacturers have seen sales fall by 30%. Bad weather at the beginning of 2010 also meant its vehicles were unable to perform as normal.
A statement from the firm’s chairman Lord Barnett said: “Undoubtedly, the industry will benefit from the recent waste electrical and electronic equipment directive, but there needs to be more public awareness of the necessity to recycle hazardous tubes and lamps, so that the disappointingly low recycling numbers can be improved. This will surely come, but it would be helpful if the authorities took a much more aggressive stance in making this happen.”