Severfield annual results announced

Severfield plc, the market-leading structural steel group, is pleased to announce its annual results for the 12 month period ended 31 March 2018.

Another year of improved performance with a 19% increase in underlying profit before tax, a 13% increase in core dividend and a special dividend of 1.7p per share

Highlights 

  • Revenue up 5% to £274.2m (2017: £262.2m)
  • Underlying* profit before tax up 19% to £23.5m (2017: £19.8m)
  • Underlying basic earnings per share up 15% at 6.4p per share (2017: 5.5p per share)
  • Continued strong cash performance resulting in year-end net funds of £33.0m (2017: £32.6m) after equity investment of £5.5m in Indian joint venture to repay term debt
  • Total dividend increased by 13% to 2.6p per share (2017: 2.3p per share), includes proposed final dividend of 1.7p per share (2017: 1.6p per share)
  • Proposed special dividend of 1.7p per share to deliver a total cash return to shareholders of 4.3p per share
  • Return on capital employed (‘ROCE’) of 16.5% (2017: 14.6%)
  • Over 100 projects undertaken during the year in key market sectors including the new stadium for Tottenham Hotspur FC, the retractable roof for Wimbledon No.1 Court and a new commercial tower at 22 Bishopsgate
  • UK order book of £237m at 1 June 2018 (1 November 2017: £245m), including landmark contract for the new Google Headquarters at Kings Cross for 2019
  • Reorganisation of our factory operations in North Yorkshire now completed
  • Continued profitability from Indian joint venture of £0.5m (2017: £0.2m), improving market position now reflected in India order book of £106m at 1 June 2018 (1 November 2017: £79m)

 

Severfield plc results

Alan Dunsmore, chief executive officer commented:

‘The strong performance that we are reporting today pays tribute to the hard work of all our staff and continues to reflect our well-established market-leading position and our focus on operational performance and efficiencies.

With a high quality and stable UK order book of £237m and a strong pipeline of opportunities which provides us with good visibility of earnings, together with an encouragingly improving outlook for our Indian joint venture, we remain confident that 2019 will be another year of progress for the Group.’

See the full press release on our RNS page here.

ICE NW Civil Engineering Awards 2018

The annual ICE North West Civil Engineering Awards took place on Friday 9 March at the Titanic Hotel in Liverpool.

ICE

The Ordsall Chord project was the ‘Large Community and Heritage Project’ winner and was awarded to the complete project team: Network Rail, Aecom Mott MacDonald JV, Skanska Bam JV, BDP, Siemens, Amey Sersa JV and Severfield.

Representing Severfield at the ICE awards was Jarrod Hulme, Project Manager (pictured above far left).

The Ordsall Chord project involved the refurbishment and enhancement of key heritage structures, including Grade I Listed Stephenson’s Bridge.

ice

This project is part of Network Rail’s multi-billion-pound North of England Programme, which is an impressive scheme aiming to transform rail connectivity in the north of England and boost economic growth.

We’re supporting National Apprenticeship Week

As this week is National Apprenticeship Week, we’ve spoken to a number of our apprentices about how they are progressing and which aspects have been the most interesting.

James Robinson, IT Apprentice at Dalton, North Yorkshire, started his 2 year apprenticeship on 18 July 2017. Once completed, James will have a Level 3 BTEC Diploma in Professional Competence for IT and Telecoms Professionals.

apprenticeship

James has always had an interest in the technical and mechanical side of things and works on motorbikes and cars in his spare time.

“I decided to join Severfield as I heard it was a good company with opportunities for progression.” – James Robinson, IT Apprentice at Severfield.

Board Changes

Recent board changes have seen Alan Dunsmore being appointed as Chief Executive Officer and Adam Semple as Finance Director, both on a permanent basis, having held those roles on an interim basis since 28 March 2017.

Ian Cochrane remains Chief Operating Officer and will continue to deliver on Severfield’s operational strategic objectives.   

John Dodds will remain in the role of Chairman on a non-executive basis.

All the above Board changes and appointments will be effective from 1 February 2018.

John Dodds, non-executive Chairman, said:

“I would like to pay tribute to Ian Lawson’s tremendous contribution to the Severfield business since his arrival in November 2013. He has been the architect of the Group strategy, setting the target of doubling our underlying pre-tax profits by 31 March 2020. Under his leadership Severfield is well on track to deliver against this important milestone. Ian leaves with our thanks and best wishes.

I would also like to acknowledge the important roles that Alan, Adam and Ian Cochrane have played over the last year and look forward to working with all of them as Severfield continues to deliver on its growth strategy.”

 

Severfield awarded contract for Google’s UK Headquarters

Project awarded – Google Headquarters, King’s Cross

Google HQFollowing yesterday’s RNS, Severfield is please to announce it has been awarded a landmark contract on the recently announced new Google Headquarters in King’s Cross, London. Severfield will provide 15,900 tonnes of structural steelwork services for the new 11-storey building with the work scheduled to commence on site in June 2018.

Alan Dunsmore, Acting Chief Executive Officer, Severfield plc, commented:
“We are delighted to announce that Severfield has been awarded this Google contract and are looking forward to working with Lendlease on such a high profile, iconic development at King’s Cross.

Google HQ

This contract win adds to our recently announced strong order book of £245m and supports Severfield’s position as the market leader with unrivaled design, fabrication and construction capabilities.

The Group has already worked on a number of key buildings in the King’s Cross area, including 3 and 4 Pancras Square, King’s Cross R1 and S2, and the new retail quarter Coal Drops Yard, which is currently under construction.”

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.

World Diabetes Day 2017

World Diabetes Day World Diabetes Day World Diabetes Day

 

 

 

 

About World Diabetes Day

World Diabetes Day (WDD) was established in 1991 by the World Health Organisation and the International Diabetes Federation (IDF). This was in response to a growing concern around the increasing health threat posed by diabetes. The campaign aim to advocate the efforts made by IDF and also promote the importance of confronting diabetes as a critical global health issue.

Today is ‘World Diabetes Day 2017’, and with approximately 1,400 employees, Severfield would like to support the Day by sharing a recent story about one of our colleagues, Sam Burrows. Sam has type 1 diabetes and has recently taken part in a charity cycle ride, raising money for JDRF.

Sam’s Story

“I was 15, with my family in Ibiza, when the symptoms came. I needed to urinate about 20 times a day. And then my eyesight started to go. It was really scary. Within two weeks I lost two stone. I was in quite a bad way.

“It didn’t take long for the medics to diagnose type 1 diabetes – my father had it, although he didn’t get the symptoms until he was 32. “My pancreas wasn’t producing insulin, so I have to constantly monitor and regulate my blood sugar levels. I was taught how to inject. It was quite hard at first, but I soon got the hang of it.

World Diabetes Day

“I have to inject myself every time I eat, and a long-lasting shot in the evening gets me through the night. There’s no cure yet, so as it stands I’ll be doing this all my life. That’s why I did the bike ride. “The ride was a grueller. Between the four of us we got six punctures, but we just pushed on. Ten miles into day one and it started to pour down, and it just didn’t stop – even when we got to Calais!

“By day two my knee went. It was incredibly sore. But I cracked on – because I knew everyone back home was rooting for me. We raised just upwards of £7,000, and I’d had great support from everyone at work.

“John McGuinness, our Health and Safety Advisor, has been brilliant. John worked with JDRF, so they could come and place money pots all around the site. “They gave a brilliant Toolbox Talk too –explaining exactly what type 1 diabetes is. I think that helped dispel a lot of myths.

“That’s another reason I did the ride – to show that people with type 1 diabetes can be fit and healthy but still suffer from the disease. I mean, how many people can say they have ridden from London to Amsterdam, and have had to inject themselves along the way.”

For further information about diabetes or for help and advice, see useful links below:

Diabetes UK
www.diabetes.org.uk
Tel: 0345 123 2399

JDRF
https://jdrf.org.uk/
Tel: 0207 713 2030

World Diabetes Day
www.worlddiabetesday.org

The Severfield Foundation Raises £55,000 for Charity in its First Year

In Spring 2016, Severfield plc, the UK’s leading structural steel company, set up The Severfield Foundation (the Foundation); its very own registered charitable incorporated organisation.

The Severfield FoundationThe Severfield Foundation

One year in, and Severfield is delighted to announce that throughout its first year, The Severfield Foundation has raised an impressive £55,000, which is to be split between partner charity Prostate Cancer UK and a selection of other charities local to Severfield sites. These include the Yorkshire Air Ambulance, Bolton Hospice, Saint Catherine’s Hospice (Scarborough), Cancer Connect NI, Fermanagh Stroke Association and Jengana, as well as supporting a number of local community projects.

Each year, the Foundation will continue to support a major partner charity. For 2016/17, Prostate Cancer UK was chosen, with the intention of raising much needed funds and awareness of prostate cancer. With the Severfield workforce being predominantly male and 1 in 8 men in the UK getting prostate cancer at some point in their lives, this was believed to be a very relevant partnership.

The Severfield Foundation

Foundation Trustee and Severfield Legal Director, Mark Sanderson, said: “After only one year, we were delighted that The Severfield Foundation has raised such an incredible amount in such a short time. It is testament to the hard work, commitment and generosity of our employees who are at the forefront of our fundraising activities, contributing to and taking part in events throughout the year. As the Foundation continues to develop, we hope to see it grow into an even more successful charitable trust supporting local communities and charities across the UK.”

James Beeby, Director of Fundraising at Prostate Cancer UK added: “I want to thank Severfield for their continued support over the past year and for raising an incredible £25,000 for Prostate Cancer UK. The employees have had an incredible impact on increasing awareness of the disease, both amongst the public but also with staff. “It is thanks to the dedicated support and funds from Severfield that we have been able to raise money and vital awareness in order to push forward with our goal to tame prostate cancer in the next ten years. For this we are extremely grateful.”

Severfield annual results announced

Severfield plc, the market-leading structural steel group, is pleased to announce its annual results for the 12 month period ended 31 March 2017.

Continued strategic and operational progress across the Group with a 50% increase in underlying profit before tax and a 53% dividend increase.

A copy of the full press release is viewable here.

The new Severfield trailer, innovation at its best

Severfield has worked closely with Montracon to produce a specialist and bespoke trailer to transport our plant/equipment, safely.

Gareth McCormick, Group Plant Supervisor at Severfield, said “We had a requirement for a new trailer system and wanted to create something that was unique to us. When designing, we considered our plant fleet and the requirements of adding tailored safety features.”

With safety being of paramount importance to Severfield, it was essential to take into account the welfare of both the driver and anyone else who may be on the trailer during the loading and/or unloading process. This was a key consideration during the development stage of which we were greatly assisted by the team from Montracon throughout.

 

 

 

 

 

 

 

 

 

 

Our driver, Dave Walker, was also involved during the design as he has vast understanding of the positioning of the plant when it is loaded and the constraints that we were currently facing with the old trailer.

Some of the features that formed part of the design:

  • Air assisted ramp
  • A gate system fitted to the front of the trailer to allow safe access from the tractor unit
  • Side posts and sockets to secure back loads if required
  • Integrated toast rack storage for walkway
  • Twin strap edge protection full length of the trailer both sides
  • Walkway provided with a 300mm wide galvanised walkway sections and pull out supports
  • Fitted rear camera
  • Hydraulic ramps with side shift to suit all plant