BRADFORD-based Barrett Steel nearly doubled pre-tax profits last year, although margins were hit by falling steel prices.

The family-run international company, the UK’s largest independent steel stockholder, boosted profits by about 91 per cent in the year to September 2014 to £8.8 million from the previous £4.6 million.

Turnover was 14 per cent higher at £312 million with export sales rising to £44.2 million from £30.7 million a year earlier.

The group made capital investment in its core businesses totalling £9.8 million.

It spent more than £2 million buying freehold land in Houston, Texas, from where Barrett provides raw materials used in the oil and gas industry in the Gulf of Mexico and Brazil; land and buildings in Northern Ireland and on improving its estate.

Barrett increased its green credentials by investing £400,000 in energy efficient lighting and solar energy systems.

and 16 of its sites are now covered by an energy efficient scheme.

Roy Butcher, non-executive chairman, said: “The year ended 30 September 2014 has seen an improvement in demand and profit before tax although margins were affected by declining steel prices throughout most of the year.

“We are hopeful that signs of recovery in the traditional construction market will continue into the new financial year although the rate of the recovery has seen some slowdown in recent months.

“We remain confident that the improved demand seen by the Tubes Division in a number of its traditional transport and automotive markets will continue into 2015.

“We have made significant investments in the oil and gas sector over recent years and intend to continue this strategy in Houston which continues to perform ahead of the original plans.

“Whilst there have been positive signs in the UK both in demand and in general economic improvement the need for growth in the global economy remains the key factor for sustainable profitability for the worldwide steel industry.”

l Meanwhile, Bradford-based IT software company Cloud2 has secured its first international customer in a deal with Tata Steel.

Cloud2 is supplying its flagship Hadron 8020 intranet system to Tata Steel’s UK and mainland European operations following a review of internal communications by the steel giant.

The system is multi-lingual, responsive and cost effective, allowing Tata Steel’s 25,000 workforce to work better together.

Simon Hudson, Cloud2 director, said: “We are delighted to be working with Tata Steel on such a significant and pertinent project. This demonstrates the value of Cloud2 8020 model and our agile approach.”