North Yorkshire steel group Severfield reports 59% rise in pre-tax profits

Severfield plc, the North Yorkshire structural steel group, has announced a ‘strong set’ of results for the six month period ending 30th September 2017.

During this time, the group reported a 16% increase in revenue to £137.1m, compared to the £118.2m achieved last year.

Severfield has also recorded a 59% rise in pre-tax profit to £12.9m.

The Thirsk-based company undertook over 80 projects undertaken during this period, including the new stadium for Tottenham Hotspur F.C., the retractable roof for Wimbledon No. 1 Court and a new commercial tower in London at 22 Bishopsgate.

Severfield currently has a UK order book of £245m and has predicted that its 2018 full year results will be “comfortably ahead of previous expectations.”

Alan Dunsmore, acting chief executive officer, commented: “I am delighted to be reporting a strong set of results for the half year, which reflects the Group’s continued delivery against our strategic targets, improved margins and strong cash generation.

“Building on this performance, we now expect that our full year results will be comfortably ahead of our previous expectations.

“Severfield, with its market-leading position, strong order book and pipeline, is well placed to continue to deliver enhanced value for shareholders.”

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