Severfield reports a very successful year

Structural steelwork group Severfield has reported an underlying profit before tax of £32.5M for the year ending 25 March 2023, up 20 per cent from £27.1M in the previous 12 months.

The company said it was a very successful year, as revenue also increased to £491.8M from £403.6M.

During the year, Severfield worked on a number of significant projects, including Everton FC’s new stadium, the Co-op Live Arena in Manchester, Pinewood Studios in Shepperton, the Google Headquarters at King’s Cross and the Envision Battery Plant in Sunderland.

The company’s UK and Europe order book stood at £510M on 1 June 2023, compared to £464M on 1 November 2022, and includes new industrial and distribution, film studio, commercial offices and nuclear orders.

Severfield also completed the acquisition of Dutch steel construction business Voortman Steel Construction Holding, providing it with a manufacturing base in the Netherlands.

Severfield Chief Executive Alan Dunsmore said: “2023 was a very successful year for the group. We reported record revenue, delivered underlying profits ahead of expectations and secured a significant value of new, high-quality work across all our geographies.

“This demonstrates the success of our strategy to diversify the sectors and geographies we serve, reflects the high-quality of our operations and is testament to the talent and commitment of our people.

“We were also pleased to complete the acquisition of Voortman, which brings in new clients, sectors and opportunities, enhancing our position as one of Europe’s strongest structural steel groups, and positioning us for further growth in the region.”