S Norton turnover falls 18% as company reports £12.9m loss after tax

The metal recycling company reported that turnover for the year ending 31 December 2025 fell to £374.6 million, from £454.8 million in 2025 – a reduction of around 18%.

Loss before tax was £17.1 million, compared to a £51,000 profit the previous year. After tax, S Norton made a loss of £12.9 million.

The results follow a difficult period for the global metals recycling market, with the company pointing to weaker finished steel values, low mill margins in key export markets and subdued demand.

The company recorded an operating loss of £14.9 million, compared with a loss of £198,000 in 2024.

Challenging conditions in metals recycling

S Norton said the financial loss recorded during the year reflected a combination of challenging trading conditions across the global metals recycling sector, continued pressure on export markets, increased operating costs and higher waste disposal and compliance-related costs.

It said export prices experienced periods of stabilisation during 2025, but these followed a significant weakening in the second half of 2024.

According to the company, market conditions remained difficult, with pressure on finished steel values, low mill margins in key export markets and generally subdued demand.

It added that improvements in export prices were “short-lived” and insufficient to offset the cost pressures experienced by the business.

The company said the directors had a clear understanding of the factors contributing to the loss and had taken steps to address areas within management’s control.

These included improving processing efficiency, reducing waste, strengthening supplier and customer relationships, controlling costs and improving operational discipline across the group.

S Norton said these measures were expected to support improved performance as trading conditions recover.

Since the end of the financial year, the group has also acquired assets at two new sites in Avonmouth and Long Marston.

According to the company, the assets are expected to provide additional capacity, geographic flexibility and “operational optionality” as they become operational.