Northern Ireland

Portadown scrap metal firm's turnover is more than £100m

The Portadown firm which is Ireland's biggest scrap metal exporter has seen its turnover surge to more than £100m as world metal prices increase.

Clearway Holdings saw turnover rise to £124m in 2010, compared to £89m the year before.

However, pre-tax profits showed only a slight rise to £10.5m as costs also increased.

The firm has depots in Belfast, Dublin, Cork and Athlone and also runs the Aughrim Landfill site near Lisburn.

The directors said they are pleased with the company's performance and are "cautiously optimistic" for the year ahead.

However, they added that they are "acutely aware" of the instability in the euro zone and the world markets in general.

They say the scrap and recycling market remains highly competitive and they are investing to improve efficiency, including the installation of new shredding equipment at the Belfast depot.

The firm was founded by John P Murphy and is still controlled by members of his family.