Severfield reports revenues of £149m following ‘operational and strategic progress’

Structural steel firm Severfield has reported growth in profits and revenues for the halfway mark of this financial year.

For the six months ending 30 September, the Thirsk-based firm saw a 9% increase in revenue to £149.1m, compared with the previous year’s £137.1m. Severfield said this predominantly reflects an increase in order flow and production activity during the period.

The group also saw a slight increase in pe-tax profits, which rose to £13.1m from the £11.5m achieved at the same time last year.

During this period, Severfield undertook more than 70 projects in key market sectors including the new stadium for Tottenham Hotspur FC, the retractable roof for Wimbledon No. 1 Court and a new commercial tower in London at 22 Bishopsgate.

The group’s order book of its Indian joint venture has also continued to rise to £124m, whilst contributing a of £0.4m (2017: £0.1m), reflecting revenue growth, good operational performance and lower financing costs.

Alan Dunsmore, CEO of Severfield, said: “Our continued operational and strategic progress has resulted in another period of growth for the Group.

“In addition to a high quality and stable UK order book, we continue to see good progress in India and have established exciting new organic opportunities for growth.

“With our market-leading position, we are well placed to deliver on our strategic objectives and generate enhanced value for our shareholders.”

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