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Mercury Recycling

  • BY: Andrew Hore |
  • POSTED: 15/05/2009 |

Mercury Recycling improved its profits by one-fifth to £534,000 in 2008.

The company recycles lighting and other products containing mercury and it generated revenues of £3.07m, against £2.66m the year before. Sales in the first quarter of 2009 are in line with expectations. However, there are likely to be price pressures and increased competition.

The integration of Envirolite has gone smoothly and some of the growth will have come from this business.

Mercury estimates that as many as 80m out of the market of 130m lamps are not recycled. The phasing out of old-style bulbs will lead to more use of fluorescent lamps, thereby increasing the market.

Mercury is also branching out into flat panel display recycling. The mercury in these displays is difficult to remove. Mercury is involved in a project to assess the feasibility of automated removal techniques.

Net debt was £406,000 at the end of 2008, against a net cash position at the end of 2007 but it is after a net £973,000 spent on Envirolite. This shows how cash generative the business is.

At 19p a share, Mercury is valued at £6.37m. The shares are trading on 16 times historic earnings.

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