Severfield reports 11% revenue and profit increase for past 12 months

Steelwork contractor Severfield has reported a resilient performance for the 12-month period ending 26 March 2022, with an 11% revenue increase and profit before tax also up by the same percentage.

The group’s revenue rose to £403.6M from £363.3M in 2021, while profit before tax stood at £27.1M, compared to £24.3M the previous year.

According to Severfield the results demonstrate the resilience of the group in challenging market conditions. Its record UK and Europe order book of £486M at June 2022, includes new industrial and distribution hubs, film studios, commercial offices and bridge orders, alongside the new stadium for Everton FC.

Severfield Chief Executive Officer Alan Dunsmore commented: “We are delighted to be reporting a resilient and strong performance despite the ongoing market challenges.

“The group’s growth strategy is delivering a record order book with a broad diversity of sectors, geographies and clients, providing us with good earnings visibility through 2023 and beyond. Although inflation and supply chain pressures remain, we are managing these well and the earnings visibility gives us confidence in maintaining our positive performance expectations for 2023.”