Concord Resources doubles profits in ‘exceptional’ 2018 trading year

Concord Resources made the most of highly volatile physical metal markets in 2018, taking advantage of "an exceptional opportunity", according to chief executive officer Mark Hansen.

The London-headquartered trader locked in profits after tax of $43.4 million last year, more than double the $20.7 million achieved in 2017 and leading to a return on opening shareholder equity of 29.3%. The company traded over two million tonnes of refined metals and concentrates in 2018 with operating profits of $106 million against $59.8 million in 2017. "Events during the year created outstanding merchant and trading opportunities," Hansen, who has been at the helm of Concord since its inception in 2015, said. US sanctions on UC Rusal, the world's largest aluminium company outside of China, created havoc across the aluminium...

Published

Archie Hunter

April 18, 2019

03:01 GMT

London