Severfield poised for construction market recovery

SEVERFIELD, the structural steel group, said this morning it is well placed to capitalise on the recovery in the construction market as the business starts to reap the benefits of last year’s restructure.

The North Yorkshire headquartered group, which recently rebranded dropping the Rowen name, said it remains on track for the rest of its financial year, boosted by a solid order book.

Severfield also benefited from the sale of its investment property in June for £3.9m

“The UK order book of £171m remains solid and the business continues to show improved stability following the reorganisation in the last financial year,” the company said.

Severfield’s Indian joint venture, JSW Severfield Structures has seen an improvement in operational performance for the year to date, with cost savings and improvements in production output both being evident, the group said.

“The order book stands at £34m. The business development programme and improving the conversion of opportunities still remain priorities.”

“Overall, the group continues to be ideally positioned for recovery in the UK construction market with its good market position and strong balance sheet,” Severfield said.