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Severfield reports strong performance despite pandemic

Severfield’s revenue has increased by 40% to £186M and its underlying profit before tax is up by 3% to £8.2M, for the six-month period ending 30th September 2020.

Severfield said despite the headwinds of COVID-19, the Group has performed strongly in the period, and this is reflected in an increased UK and Europe order book as well as increased revenues and good cash generation.

Alan Dunsmore, Chief Executive of Severfield Group said: “The resilience provided by our market sector, geographical and client diversity, together with the actions that we have taken to date have enabled us to navigate well through the challenging conditions of COVID-19. This has resulted in a strong operational performance in the first half of the year.

“We have a strong balance sheet, good visibility of future earnings from our order books and pipelines, and a strong reputation for delivery of complex projects for our long-standing clients.

There is now greater clarity of the extent of the impact of COVID-19 on the current year’s performance and, on the assumption of no further significant business interruptions arising from any widespread and prolonged secondary lockdown, we expect to improve upon our first half profitability in the second half of the financial year.”

Severfield is the UK’s largest constructional steelwork contractor with a total capacity of around 150,000t of steel per annum. The Group has five sites, approximately 1,400 employees and expertise in large, complex projects across a broad range of sectors.

The Group also has an established presence in the expanding Indian market through its joint venture partnership with JSW Steel (India’s largest steel producer).

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