Severfield reports further profit growth

Steelwork contractor Severfield has reported a 5% rise in underlying operating profit before tax to £24.7M for the year ending 31 March 2019, compared to £23.5M for the previous 12 months.

Revenue also increased for the year to £274.9M against £274.2M in 2018.

Severfield Chief Executive Officer Alan Dunsmore (pictured) said: “Our UK and Europe order book of £295M contains a healthy mix of projects across a diverse range of sectors and we have made strategic progress in the UK, Europe and India.

“There is now considerable positive momentum within the Group which, in combination with our cash generative nature and strong positions in our core markets, provides us with the platform for further operational and strategic progress.

“We remain on track to deliver on our strategic targets, including the doubling of underlying profit before tax to £26M by 2020 and we look forward to another positive year ahead.’

During the year, Severfield said it has worked on more than 100 projects for major contractors throughout the UK and the Republic of Ireland.

These have included Wimbledon No.1 Court Roof; 22 Bishopsgate, London; Snowhill, Birmingham; Manchester Engineering Campus Development; and data centres in Dublin, Belgium and Finland.