Severfield reports record order book

Steelwork specialist Severfield has released a trading update for the year ending 30 March 2024, with a record UK and European order book of £511M.

The Group said it has made good progress and expects to deliver a full year result which is slightly above its previous expectations. Severfield also announced the intention to commence a share buyback programme to return £10M to shareholders.

Growth in the order book is said to reflect the Group’s continued strengthening of its market position in Europe, which has been supported by the acquisition of Netherlands-based steel contractor Voortman.

The Group continues to see large project opportunities in both commercial and industrial sectors. These include projects in support of a low carbon economy such as battery plants, energy efficient buildings, manufacturing facilities for renewable energy and offshore wind farms.

Furthermore, the Group remains well-placed to meet an ongoing demand for infrastructure investment, including a growing focus on major projects which can mitigate the impacts of climate change and deliver energy security. This includes nuclear (such as Sizewell C and small nuclear reactors), carbon capture and hydrogen production, together with HS2 and Northern Powerhouse Rail.