Fresh opportunities instil confidence in future at structural steel business
Structural steel group, Severfield, says its UK and Europe order book for the second half of the year ended 25 March 2023 was worth £508m as of 1 March 2023 (1 November 2022: £464m).
£391m of this total is due for delivery over the next 12 months.
In a trading update published today, the Thirsk-based group says its performance in the second half of the 2023 financial year has been strong and it expects to deliver a full year result in line with previous expectations.
Severfield adds: “We are encouraged by the current level of tendering and pipeline activity across the group, seeing a consistently high level of opportunities both in the UK and in continental Europe, as many of our chosen markets continue to have a favourable outlook.
“In our Commercial and Industrial division, we remain well positioned to take advantage of many opportunities, including battery plants, data centres, TV and film studios, commercial offices and stadia and leisure projects.
“In our Nuclear and Infrastructure division, we are also seeing a healthy pipeline of opportunities including in the nuclear sector, where we have recently been selected as one of two ‘key delivery partners’ to deliver structural steelwork at Sellafield as part of the long-term Programme and Project Partners framework.”
As previously reported, Severfield has agreed to acquire 100% of the share capital of Voortman Steel Construction Holding BV, a European steel construction group, for a net consideration of €24m/£21.1m.
Severfield says its businesses are well-positioned in markets with “excellent long-term growth opportunities.”
The group notes that with current visibility of its workload for delivery in the 2024 financial year and beyond it can be confident about the future, despite the wider economic backdrop.