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Severfield's profits nearly double as Britain’s biggest steelwork contractor sees strong order growth

In results for the year ending March 31 2017, Severfield saw its pretax profit rise to £18.1mln, up from £9.6mln a year earlier, with revenues up 10% to £262mln
Wimbledon Number One Court
The firm undertook over 110 projects during the year in key market sectors including the roof for Wimbledon’s No.1 Court, and the new stadium for Tottenham Hotspur FC

Severfield PLC (LON:SFR) saw its pretax profits nearly double last year, with Britain’s biggest steelwork contractor boosted by strong order growth.

The firm undertook over 110 projects during the year in key market sectors including the roof for Wimbledon’s No.1 Court, and the new stadium for Tottenham Hotspur FC.

In results for the year ending March 31 2017, Severfield saw its pretax profit rise to £18.1mln, up from £9.6mln a year earlier, with underlying pretax profits up 50% to £19.8mln

Revenues rose by 10% to £262mln reflecting an rise in order flow and activity during the year, together with an increase in steel prices.

Alan Dunsmore, Severfield’s acting chief executive officer, said: “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."

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

The group proposed a 1.6p per share final dividend, increasing its total payout by 53% to 2.3p, up from 1.5p a year earlier.

In early morning trading, however, Severfield shares were 0.6%, or 0.5p lower at 84p, albeit having gained over 5.5% over the past five sessions.

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