Jump in gold prices sees pre-Covid turnover at Cooksongold rise almost £100m
Cooksongold has reported almost a £100m increase in turnover, bolstered by the hike of the price of gold in 2019.
In its latest accounts filed on Companies House, the Birmingham-based jewellery manufacturer and supplier saw turnover jump from £265.9m in 2018 to £357.6m for the 12 months to 31 December 2019.
The company specialises in vast ranges of tools, silver clay, gemstones and beads, and said that the increase was due to ‘higher precious metal commodity prices’ and in particular gold, where the average price was 15 per cent higher than in 2018.
Cookson Precious Metals also reported that pre-tax profits went from £2.5m to £3m during the same period, in the pre-pandemic year.
The statement on Companies House read: “The main factor affecting the increased turnover result is higher volumes of precious metal recycling, which is particularly sensitive to the relative price movements of precious metals.
“Additionally, sales through our multi-channel operation continues to show good growth of 8 per cent year on year and the company has benefitted from the 2018 acquisition of a UK jewellery business to the Heimerle + Meule Group which has boosted intercompany sales in traditional bullion products.”
In August 2013, Cooksongold became part of one of Europe’s largest precious metals groups and Germany’s oldest gold and silver refinery, Heimerle + Meule.