Caledonian Alloys, the US-owned business which is the world's largest recycler of aerospace metals, saw its pre-tax profits slip modestly in 2012 after doubling the previous year.

The Livingston-based business, created to recycle specialist metals from the likes of Rolls-Royce, was sold in 2007 to Oregon-based Precision Castparts, triggering a likely payout of £100 million for founders Hugh Stewart, Ron McNab and Doug Sked.

Mr Stewart went on to set up Coralinn, which has invested in Scots businesses such as Clyde Space, Allcord, iPort Software International, and TOM Vehicle Rental, where he is chairman.

At the time of the sale to the $5 billion (£3bn) US corporation, profits had rocketed to £17m on turnover of £95m, boosted by titanium prices and a revival in the aerospace industry. Three years later profits had fallen to £2.2m and turnover to £33m as business was switched to US-based sister companies within the group.

The 2011-12 accounts, just filed at Companies House, show pre-tax profit (now presented in dollars) was steady at $6.42m, against the previous year's £4.2m. Turnover was up from $84.7m to $96m. Shareholder funds rose from $15m to $19.8m.

Employee numbers slid from 138 to 130, helping staff costs reduce by 10% to $7.2m.

Following the £18m dividend taken out in 2009, there was again no dividend.

The directors say the sales rise was driven by improved aerospace demand within the Precision Castparts group as a whole, and particularly within the division in which Caledonian Alloys operates.