Romco proving strength of model by achieving 7th consecutive quarter of growth, increasing revenue by 108% despite significant market pressures.
Accelerated fundraising strategy underway as Romco sees increased demand from global supply-chain disruptions and widespread market stresses.
LONDON & LAGOS, Nigeria–(BUSINESS WIRE)–Romco Group (the “Company”), Romco, an international metals recycler producing clean and sustainable essential metals to decarbonise the global supply chain, today announces financial and operational results for the first quarter of 2022.
With base metals experiencing a major production challenge, inflationary pressures and significant supply-chain disruption, Romco’s green production and sustainable growth model is proving to be the solution as an operationally and financially robust organisation as it announces revenues of $8.1m and production up 112%.
Romco Group CEO, Raymond Onovwigun, commented: “Base metal stocks are at a 16 year low with international predictions putting growth in demand at 40% by the end of the decade. Romco’s continued revenue growth demonstrates that a sustainable and responsible approach to resource production is good for a world and great for business. There is a large and growing market for the high-quality low-carbon metals we produce and Romco is well-placed to capitalise on this.
“The seven consecutive quarters of growth Romco has seen gives the Company and our investors confidence as we expand production and invest in both our operations and our supply chain through the $1m we have deployed in our Small Business Buying Programme.”
These results follow the Company’s recent Series A fundraise of $6.2m for 3.5% equity, valuing it at $180m. An accelerated fundraising strategy is underway as the Company looks to finalise its options to enable increased production to meet the growing demand from global metal traders and blue-chip car manufacturers.
Q1 2022 Key Highlights:
- Combined metals inputs of 4,060 mt* (up 112% Q-o-Q);
- Revenue of $8.1 million (up 108% Q-o-Q);
- Production of Tense (Mixed Aluminium Castings) of 2,850mt* (78% Q-o-Q);
- Production of Tense / High Zn of 125 mt* (up 198% Q-o-Q);
- Total Energy Output of 1,502 mWh, versus 29,397 mWh for primary produced equivalent;
- Generated CO2 Emissions Savings of 7,972mtCO2 over primary production in Q1;
More than 3% of the world’s power is used to produce aluminium with some estimates putting the cradle-to-gate CO2 emissions as high as 20 metric tonnes for every one tonne of aluminium produced. Romco’s recycling facilities produce aluminium using 95% less power and CO2 emissions.
Romco is a UK-based secondary metals producer, currently operating metals recycling sites across Sub-Saharan Africa, and is perfectly positioned to capitalise on the growth of this market.
Notes to editors
Romco is a UK-based, international metals recycler producing clean and sustainable essential metals to decarbonise the global supply chain. Romco is seeking to transform the production of metals to help solve the climate crisis and currently operates seven furnaces across two production plants in Ghana and Nigeria. Last year, £4.1m was deployed through Romco’s Small Business Buying Program, a loan vehicle for local trade merchants, sole traders, and scrap suppliers to grow their recycling business alongside Romco by employing hundreds of workers across Sub-Saharan Africa. In 2021, Romco’s production of recycled metals saved 35,558mt CO2 over primary production.
For full quarterly report, please visit: https://romcometals.com/reports/Q12022Report.pdf
For further information, please visit: https://romcometals.com/
Mark Walter / Tim Field Tel: +44 (0)207 866 7887
Stuart Herbert (Chief Strategy Officer)
Keith Wildie (Head of Trading)