Severfield ends year on high with record order book

Britain’ s biggest steelwork contractor ended its financial year on a high with a record order book up 6% to £511m.

In a trading update this morning the firm said it expected to announce pre-tax profits slightly ahead of market expectations and would be launching a £10m share buyback to return excess capital to investors.

Alan Dunsmore, Chief Executive Officer said: “The Group is performing well, the outlook is positive and our businesses are well-positioned in markets with excellent long-term growth opportunities.

“While there remains some uncertainty in the wider economy, we are seeing an improvement in market conditions which, together with our high-quality order books, diversified activities and operational delivery capabilities, provides us with confidence for the year ahead.”

He added that the order book remained well-diversified and contained a good mix of projects.

The growth in the order book reflects the continued strengthening of Severfield’s market position in Europe, supported by the acquisition of Voortman.

Just under a third of the order book now represents projects in continental Europe and Ireland compared with November last year when it stood at 13%.

Severfield said it continued to see large project opportunities for both its Commercial and Industrial division and Nuclear and Infrastructure division, in the UK, continental Europe and Ireland.


Generated by Feedzy