Improving market conditions and increased operational efficiencies have helped a Northern Ireland steel manufacturer to post a huge rise in both sales and profit.

Walter Watson (www.walter-watson.co.uk), which has its headquarters in County Down and further offices in County Kildare, Fife and Ayrshire, was founded in 1967.

It has a workforce of about 245 and specialises in structural, agricultural and reinforcement steels.

For the year to 31 December 2016, Walter Watson reported a turnover of £55.4 million compared to £45 million in the previous 12 months. Its pre-tax profits were also up, from £4.1 million to £6.15 million.

The results were attributed to improved market conditions and operating efficiencies across all the company’s divisions.

Planned procurement and forward buying of raw materials had a significant positive influence in what was a rising market in terms of steel price.

The company said that while the markets have remained relatively stable so far this year, prices continue to be very competitive. Walter Watson said it had a “solid” order book for the coming months.