Profits rise at Yorkshire-based steel group Severfield

Artist's impression of 22 Bishopsgate, London's newest skyscraper. Thirsk-based firm Severfield will provide the steel for the building.
Artist's impression of 22 Bishopsgate, London's newest skyscraper. Thirsk-based firm Severfield will provide the steel for the building.
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STRUCTURAL steel group Severfield today revealed that it had secured its highest order book for more than six years.

Severfield recorded a 69 per cent increase in underlying profit before tax to £8.1m in the six months ended September 30 2016.

Ian Lawson, the Thirsk-based company’s chief executive, commented: “I am delighted with our strong performance in the first half, which has continued since the period end.

“Margins are significantly up, our order book has continued to rise to a six year high whilst our pipeline remains steady.

“In combination with the strong cash generation in the first half, this has given us the confidence to increase the interim dividend by 40% and we expect profit growth for the full year to be comfortably ahead of expectations.

“We have a strong platform from which to implement our strategy, which targets to double our underlying profit before tax over the next four years, and continue to create value for our shareholders.”