Severfield posts positive results despite challenging conditions

Steelwork contractor Severfield has reported an 11% revenue increase to £363.3M for the year ending March 2021, compared to £327.4M in 2020, which represents a ten-year high for the Group.

Underlying profit before tax was slightly down to £24.3M, compared to £28.6M the previous year and Severfield Group CEO Alan Dunsmore said this demonstrates the resilience of the Group during the COVID-19 pandemic.

Mr Dunsmore added: “The Group’s strategy to build a balanced business, with geographic, sector and client diversity, has facilitated not only revenue growth of around 30% over the last three years but has also provided us with resilience during the pandemic.

“Our strong balance sheet and ability to generate cash has enabled us to continue to invest in our operations and in strategic acquisitions, such as DAM Structures.

“We have an established platform for further operational and strategic progress in the year ahead and with the current order book levels and pipeline activity, have the capacity to deliver enhanced shareholder returns in the future.”

Severfield has a strong high-quality UK and European order book, which will support continued growth throughout 2022. New, low carbon infrastructure projects, such as HS2, wind power, nuclear power stations, rail electrification and energy efficient buildings, will play a leading role in stimulating this growth.