Q4: Romco Group Announces FY 2021 Trading Update

Stellar year of growth sees 18,000 metric tonnes recycled during 2021, revenue reaching US$29.4 million and over 35,000 metric tonnes of CO2 emissions saved. 

London / Lagos – 18 March 2022 – Romco Group (the “Company”), Romco, an international metals recycler producing clean and sustainable essential metals that decarbonise the global supply chain, today announces record financial and operational results for 2021.

A strong fourth quarter performance for the Company closes out a record year, with a 330% increase in year-on-year revenue. Production levels increased by 194% following upgrades to Romco’s facilities, which now consist of 7 furnaces including a new facility in Ghana and two copper furnaces.

The Group’s track record for delivering rapid, profitable growth was recently reinforced by a $6.2m Series A equity round based on the valuation of $180m. The capital raise forms part of an on-going fundraising strategy that is supercharging expansion and revenue growth.

Romco Group CEO, Raymond Onovwigun, commented: “2021 was a record year for Romco and we are looking at numerous funding options to feed our proven operating model. With global supply declining and demand increasing, there is an urgent need to ramp up the recycling of existing metals in the supply chain.  Demand for aluminium is expected to grow by 80% by 2050. The threat of devastating carbon emissions generated by primary production of aluminium must be mitigated. We have made it our mission at Romco to transform the production of metals to address tightening supply and help solve the climate crisis.  

We took important steps during 2021 to advance operations and to do so sustainably by switching to compressed natural gas for all our furnaces in Nigeria. We have also built new trade hubs across Sub-Sahara Africa, and we have strengthened feedstock lines by growing our Small Business Buying Program by 300%. This enables local communities to participate in our growth as we look to meet the demands of major global OEMs whose supply chains are under increasing pressure.”

2021 Key Highlights:

• Combined metals inputs of 17,937 mt* (up 248% YoY)
• Revenue of $29.4 million (up 330% YoY)
• Increased output of sustainable materials by 194% YoY
• Production of Tense (Mixed Aluminium Castings) of 14194mt* (up 455% YoY)
• Production of Tense / High Zn of 625mt* (up 950% YoY)
• Total Energy Output savings of 123,441mWh, versus 130,252mWh for primary produced equivalent
• Total CO2 Emissions Savings of 35,558mtCO2 over primary production
• Opened a new facility in Ghana and upgraded to a total of 7 furnaces across the Group (including two for copper), installed CNG to further reduce carbon emissions of our operations, built new trade hubs and strengthened our feedstock supply network by 300%
• £4.1 million deployed by Romco’s Small Business Buying Program, a loan vehicle for local trade merchants, sole traders, and scrap suppliers to grow their recycling business by employing hundreds of workers alongside Romco to meet the global decarbonisation challenge.

*Metric tonne

Read the full report here.