Leading UK’s structural steel group Severfield plc announced its results for the six-month period ended 30 September 2019. CEO Mr Alan Dunsmore said “We have made strategic and operational progress in the first half of the year. We were pleased to complete the acquisition of Harry Peers, which brings in new clients, sectors and opportunities as well as continuing organic growth across all our geographies. We are pleased to confirm that full year guidance is in line with expectations and with our strong order book, cash generative business and clear growth plans, we remain confident in our future ability to deliver returns for our shareholders.”
Highlights
Revenue of GBP 131.7 million (H1 2018: GBP 149.1 million).
Underlying profit before tax of GBP 8.2 million (H1 2018: GBP 13.1 million) in line with expectations, current trading remains good with a number of large ongoing contracts expected to deliver stronger profits in H2.
Over 80 projects undertaken during the period in the UK, Ireland and continental Europe in diverse market sectors including commercial offices (both in London and the UK regions), industrial and distribution, data centres and transport infrastructure.
UK and Europe order book of GBP 323 million at 1 November 2019 (1 June 2019: GBP 295 million), including GBP 20 million for Harry Peers.
Share of profit from Indian joint venture JSSL more than trebled at GBP 1.3 million (H1 2018: GBP 0.4 million), reflecting expanding Indian market position.
India order book of GBP 134 million at 1 November 2019 (1 June 2019: GBP 134 million), expansion of the Bellary facility on course for completion by the end of the current financial year.