BOOTLE scrap metal firm S Norton reported its first operating loss “in many years” after the market for its materials collapsed at the end of 2008.

In its accounts for the year ended December 31, 2008, recently filed at Companies House, Norton said its turnover had risen to £229m, up from £174m in 2007.

But pre-tax profit fell from £16.9m to £4.1m, while an operating profit of £18.5m in 2008 fell to an operating loss of £9.7m last year.

Norton has sites in West Canada Dock and South Canada Dock in Liverpool, at Trafford Park in Manchester and in Southampton. Its headquarters are in Bootle, and it ships more than 1m tonnes of iron and steel scrap annually.

In his director’s report, John Harry said he expected 2009 would be another tough year – but said the company was well-placed to grow again, once the recession ended.

He said: “For the first half of 2008, the group continued to benefit from a strong demand, particularly for ferrous metals.

“However, the global economic crisis resulted in a dramatic collapse in market conditions in the second half of the year, and the group incurred its first operating loss for many years. However, the impact of this loss was mitigated by substantial foreign exchange gains.

“All the indications show that 2009 will be another difficult year for the global metal reprocessing industry, but the directors remain confident that the group will be well-placed to take advantage when market conditions ease.”

On its balance sheet, Norton reports that total shareholders’ funds stand at £55.7m.

The company employed an average number of 120 people during the year, with staff wages and salaries totalling £3.7m.

Its three directors received a total of £564,000.

Norton received the Queen’s Award for Enterprise in 2009.

ALISTAIR HOUGHTON