Severfield plc, the market leading structural steel group, today announces its interim results for the six month period ended 30 September 2014.
– UK margin progression in line with expectations
– Strengthening order book
– Improved performance from Indian joint venture
Ian Lawson, chief executive officer commented: “The first half of the year has seen further good progress across the whole Group. Stability within our UK operations has supported continued margin improvement in line with expectations and sustained production levels have underpinned much improved performance in India. The combination of a strong first half cash performance and the successful refinancing provides further balance sheet strength and a solid foundation for the Group as it continues to improve its profitability and develop its wider strategy. Overall, the Group’s strengthening operations and performance continues to leave it well placed to benefit from an improving market in the UK and we are encouraged by the improvement in our order intake, reflecting the higher levels of market activity. Accordingly, the Group remains on course to deliver earnings for the full year in line with the board’s expectations.”