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Severfield Announces Annual
6/19/2020 steel expo-metal &metallurgy expo |
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Lleading UK based structural steel group Severfield plc announced its results for the 12 month period ended 31 March 2020. Severfield Chief Executive Officer Alan Dunsmore said “The strong set of results that we are reporting today reflects the further operational and strategic progress that we have made in 2020. Our balance sheet and cash position remain strong, we have continued to drive our ‘Smarter, Safer, more Sustainable’ initiatives with an increased focus on manufacturing efficiency, and we have entered new UK markets through the acquisition of Harry Peers. Despite the ongoing uncertainty of COVID-19, we remain well placed to win work in the diverse range of market sectors and geographies in which we operate. This allows us to target a good pipeline of opportunities and provides us with the extra resilience and ability to increase our market share. With our teams on site and operational, we are in a good position to service our clients and manage the potentially challenging market ahead.”
Highlights
Revenue up 19% to GBP 327.4 million (2019: GBP 274.9 million)
Underlying profit before tax up 16% to GBP 28.6 million (2019: GBP 24.7 million), ahead of strategic 2020 profit target of GBP 26 million
Acquisition of Harry Peers for net initial cash consideration of GBP 18.9 million
Over 100 projects undertaken during the year in the UK, Ireland and continental Europe in diverse market sectors including industrial and distribution, data centres, commercial offices (and transport infrastructure
UK and Europe order book of GBP 271 million at 1 June 2020, including GBP 17 million for Harry Peers
Share of profit from Indian joint venture JSSL up 80% at GBP 2.2 million (2019: GBP 1.2 million), reflecting both revenue growth and margin improvement
India order book of GBp 110 million at 1 June 2020
Expansion of the Bellary facility is now complete
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