Majestic Corporation Plc (AQSE:MCJ) said it is well-positioned to sustain its growth and continue building long-term value, after delivering a sharp rise in revenue and a modest increase in profit for 2024.
The London-listed recycler of precious and non-ferrous metals reported a 67% increase in revenue to $49.3 million for the year to 31 December, driven by growing demand for recycled materials and the successful expansion of its operations. Profit before tax rose 1.9% to $1.01 million.
Peter Lai, Majestic’s chair, chief executive and founder, said: “Looking forward, we are ready to scale our model globally, unlocking new markets through a combination of organic growth, targeted acquisitions, and strategic partnerships.”
The company, which positions itself as part of the “circular economy” by diverting valuable metals from landfill, processed 30,000 tonnes of scrap in the period and said it had added new customers, including government-linked entities and multinationals.
Its US affiliate maintained a contract with a mobile telecoms provider, while in the UK the group acquired TeleCycle, expanding its physical recycling capacity.
Cash on hand more than doubled to $1.5 million, while net assets rose to $8.5 million, up from $7.6 million the year before.
Majestic said it remained confident in the group’s prospects and outlined six strategic priorities: securing long-term contracts, improving equipment efficiency, upgrading inventory sourcing technology, responding to rising demand for recycled materials, leveraging global sustainability targets, and capitalising on short-term price swings in metals markets.
Majestic said growing environmental concerns and rising costs for newly mined metals were supporting demand for its recycled inputs, particularly in steel production and other industrial applications.