Order book at ‘historically high levels’ at structural steel business

Thirsk-based structural steel group, Severfield, says its performance in the first five months of the 2023 financial year has been strong, with several ongoing contracts expected to deliver significant profits in H2.

The Group notes it is pleased with the continuing high quality of the UK and Europe order book which stands at £483m at 1 September (1 June 2022: £486m), of which £363m is for delivery over the next 12 months.

It says the order book remains well-diversified and contains a good mix of projects across the Group’s key market sectors.

97% of the order book represents projects in the UK, with the remaining 3% representing projects for delivery in Europe and the Republic of Ireland (1 June 2022: 96% in the UK, 4% in Europe and the Republic of Ireland).

Severfield adds that it is also seeing a strong pipeline of further potential opportunities in the UK and in continental Europe, and it remains well positioned to take advantage of many of these.

The group’s outlook statement explains: “While we remain mindful of the macro-economic backdrop and particularly the inflationary pressures which are expected to continue for the foreseeable future, we are continuing to manage these well.

“Given the Group’s performance to date and the current visibility of future workload for delivery in the remainder of the 2023 financial year, we continue to expect to deliver further progress and a full year performance which is in line with our previous expectations.”

Severfield will publish its financial results for the half year ending 24 September 2022 on Tuesday 22 November 2022.