Severfield: structural steel group 'well positioned' to win work as firm says it is seeing signs of market improvement

In a statement to the London Stock Exchange, the firm said: “As highlighted in our 2024 full year results announcement in June, market conditions are showing signs of improvement although pricing remains competitive for some projects in our shorter cycle sectors, including in the distribution sector.

“Looking further ahead, our businesses remain well-positioned to win work in markets with positive long-term growth trends including those which are driving the green energy transition.”

The group said that it sees opportunities in both its Commercial and Industrial division and its Nuclear and Infrastructure division, including with battery plants, energy efficient buildings, manufacturing facilities for renewable energy and offshore wind projects, as well as work in the transport, nuclear and power and energy sectors.

The firm also announced that its UK and Europe order book stands at £460m as of July 1 2024, a slight drop from £478m as of June 1 2023. Severfield added that £369m of its order book is set for delivery over the next 12 months.

The company’s Indian order book also stood at £181m as of July 1, the same amount as June 1 the year prior.

The announcement comes after the firm last month released its full-year results for the year ending March 30, in which it saw revenue drop six per cent from £491.8m to £463.5m.

It also saw a 15 per cent drop in pre-tax profit, falling from £27.1m to £ 23m.