Steel: Profits and revenue up at Severfield

Severfield worked on Anfield's exapnsion. Pic: LFC/PA Wire

Structural steel group Severfield reported that profit and revenue was up for the year ended March 31, 2017 as the firm worked on landmark projects in London.

The Thirsk-based group revenue was up 10 per cent from £239.4m to £262.2m and underlying pre-tax profits were up 50 per cent to £19.8m.

Severfield undertook over 110 projects during the year in key market sectors including the roof for Wimbledon’s No.1 Court, the new stadium for Tottenham Hotspur FC and a new commercial office tower at 22 Bishopsgate.

Alan Dunsmore, acting chief executive officer of Severfield, said: “I am delighted to announce another set of excellent results which keeps us on track towards our target of doubling our 2016 underlying pre-tax profit by 2020.

“Our strategy is well-flagged and it continues to deliver operationally and financially. We have worked on some major projects during the year, especially in London, including Wimbledon No. 1 Court, Tottenham Hotspur and 22 Bishopsgate.

“Our return on capital employed has risen to 14.6 per cent and cash generation has been excellent.

“The current order book and pipeline, coupled with a continued stable market environment, will support further progress in the current financial year towards our 2020 target.”

Mr Dunsmore agreed to assume the role of CEO on a temporary basis, earlier this year, after chief executive Ian Lawson stepped down due to ill health.

The group, which also worked on Liverpool FC’s Anfield stadium, said share of its profit from an Indian joint venture reached £200,000, following a loss of £300,000 the previous year, a move to profit for the JV for the first time.