Orders reach six-year high for Severfield

Steelwork contractor Severfield has reported increased revenue and profit for the year ending March 2016, and its strongest order book for more than six years.

In its annual results, the company posted revenue up 19% to £239M, up from £201M in 2015, while profit before tax was up 59% to £13.2M.

Severfield’s UK order book, as of 1 June 2016, amounted to £270M, up from £185M in November last year.

Chief Executive Officer Ian Lawson (pictured) commented: “Severfield has had a strong year with excellent revenue and profit growth and a good cash performance.

“Our increased profitability is as a result of our focus on operational improvements and efficiencies over the last three years and with the strength of the platform from which the Group now operates and the opportunity for further margin improvement, our target is now to double our underlying profit before tax over the next four years.

“With the current UK order book at its highest level for over six years and a continued stable market environment, the Group is well placed to continue delivering against its near-term financial targets whilst continuing to build for the longer term. Overall the outlook remains encouragingly positive.”

The company has worked on a host of prestigious projects during the past year, all reported on in New Steel Construction magazine. These have included Nova Victoria, London; Principal Place, London; Anfield Stadium, Liverpool; and the Covanta waste to energy plant in Dublin