Severfield interim results announced

Severfield plc, the market-leading structural steel group, is pleased to announce its interim results for the 6 month period ended 30 September 2017.

59% increase in underlying profit before tax, 29% increase in interim dividend, order book of £245m, full year results expected to be comfortably ahead of expectations

Highlights

  • Revenue up 16% to £137.1m (H1 2016: £118.2m)
  • Underlying* profit before tax up 59% to £12.9m (H1 2016: £8.1m)
  • Underlying basic earnings per share up 56% at 3.50p per share (H1 2016: 2.25p per share)
  • Interim dividend increased by 29% to 0.9p per share (H1 2016: 0.7p per share)
  • Continued strong cash performance, resulting in period-end net funds of £31.4m (31 March 2017: £32.6m) after equity investment in Indian joint venture of £5.3m to repay term debt
  • Over 80 projects undertaken during the period in key market sectors including the new stadium for Tottenham Hotspur F.C., the retractable roof for Wimbledon No. 1 Court and a new commercial tower in London at 22 Bishopsgate
  • Share of profit from Indian joint venture of £0.1m (H1 2016: loss of £0.2m) reflecting continued stability and profitability of the business
  • UK order book of £245m at 1 November 2017 (1 June 2017: £229m)
  • India order book of £79m at 1 November 2017 (1 June 2017: £73m)
  • 2018 full year results expected to be comfortably ahead of previous expectations

See the full press release on our RNS page here.