Severfield & Skanska – Outernet, London

We’re extremely proud to share this video to showcase the collaboration between Skanksa and Severfield, working on the delivery of Outernet in London, the first ever city-centre, high capacity immersive media space.

More about Outernet

Outernet is a global network of immersive entertainment districts showcasing music, film arts and retail experiences using the largest LED screens in the world, opening in late 2020.

Severfield has provided 2,400 tonnes of structural steelwork for the project, which will provide a destination for live performance events on Denmark Street – previously home to music magazines The NME and Melody Maker, as well as studios where The Kinks, The Rolling Stones and Elton John recorded their tracks.

Outernet

Find out more about Outernet here: https://www.outernetglobal.com/

 

 

Skanska Outernet

Find out more about Skanska here: https://www.skanska.co.uk/

Interim results for the period ended 30 September 2019

Severfield plc, the market-leading structural steel group, announces its results for the six-month period ended 30 September 2019

H1 / full year profit split and full year guidance in line with expectations, UK and Europe order book of £323m, post period-end acquisition of Harry Peers

 

Highlights

Revenue of £131.7m (H1 2018: £149.1m)

Underlying* profit before tax of £8.2m (H1 2018: £13.1m) in line with expectations, current trading remains good with a number of large ongoing contracts expected to deliver stronger profits in H2

Interim dividend increased by 10% to 1.1p per share (H1 2018: 1.0p per share)

Good cash generation, resulting in period-end net funds of £22.5m (excluding IFRS 16 lease liabilities of £11.9m**) (31 March 2019: net funds of £25.1m)

Over 80 projects undertaken during the period in the UK, Ireland and continental Europe in diverse market sectors including commercial offices (both in London and the UK regions), industrial and distribution, data centres and transport infrastructure

UK and Europe order book of £323m at 1 November 2019 (1 June 2019: £295m), including £20m for Harry Peers

Share of profit from Indian joint venture (‘JSSL’) more than trebled at £1.3m (H1 2018: £0.4m), reflecting expanding Indian market position

India order book of £134m at 1 November 2019 (1 June 2019: £134m), expansion of the Bellary facility on course for completion by the end of the current financial year

Post period-end acquisition of Harry Peers, a leading structural steelwork business, for net initial consideration of £18m, with contingent consideration of up to £7m potentially payable in the 2021 financial year

* Underlying results are stated before non-underlying items. There were no non-underlying items in the periods ended 30 September 2018 and 2019 and, accordingly, there is no difference between the underlying profit measures and their statutory equivalents.

** The Group excludes IFRS 16 lease liabilities from its measure of net funds / debt as they are excluded from the definition of net debt as set out in the Group’s borrowing facilities.

resultsAlan Dunsmore, Chief Executive Officer commented:

‘We have made strategic and operational progress in the first half of the year. We were pleased to complete the acquisition of Harry Peers, which brings in new clients, sectors and opportunities as well as continuing organic growth across all our geographies. We are pleased to confirm that full year guidance is in line with expectations and with our strong order book, cash generative business and clear growth plans, we remain confident in our future ability to deliver returns for our shareholders.’

Severfield’s Safety First Awards 2019

Taking place at The Grand Hotel and Spa in York, Severfield welcomed over 80 colleagues and sub-contractors to the exclusive ‘Safety First Awards’, which celebrated the highest standards of health, safety and environmental management across the business.

Safety First AwardsSafety First Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over the course of the evening, seven awards were handed out – starting with three team awards. These recognised a factory, construction and subcontractor team that demonstrated an outstanding commitment to achieving ‘Safety First’; these were followed by Innovation, Outstanding Achievement and One to Watch awards, concluding with a special Chairman’s Award.

One to Watch Award – left to right: Phillipa Recchia (Group SHE Director), Award Winner: James O’Connor (Apprentice), Alan Dunsmore (Chief Executive Officer), Ian Cochrane (Chief Operating Officer)

Outstanding Achievement Award: Fred Robson (Fabse Team Leader)

Special Chairman’s Award: TwentyTwo Bishopsgate London project team

Sub-contractor Team Award: CM Structural (sub-contractor)

Construction Team Award: Gareth Liggett (Design Engineer)

Innovation Award: Simon Welbourn (Construction Controller)

 

 

 

 

Factory Team Award: Bay 4 Lostock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phillipa Recchia, Group SHE Director for Severfield, said:

“From a safety point of view, there are so many great things happening within the business and we see our people living up to our safety values every day, and it’s for that reason that we felt the need to recognise the efforts and achievements of our staff. It’s about saying a personal thank you from the company, because at the end of the day, it really is our people that make all of the difference.”

 

Ian Cochrane, Severfield Chief Operating Officer, added:

“This is only the start of the story. What’s important is how our winners inspire their colleagues around them, and across the company, and go on to become ambassadors for our health and safety culture. Safety is our number one priority at Severfield, with everyone having a role to play. That’s why events such as this are so important to recognise the achievements of teams and individuals who go above and beyond to ensure everyone goes home safely, every day.”

The event, the first of its kind for Severfield, was a huge success, and will now go on to become an annual event.

Safety First Awards

Severfield announce new business venture – Severstor

Severfield is pleased to announce the commencement of a new business venture for the Group, which will form part of our Severfield (Products & Processing) business; this new product will be known as Severstor.

The new venture will produce robust steel-framed modules that house critical systems technology for a range of main contractors and end-users and will provide further diversification to the Group and another access point to key infrastructure clients and projects.

The demand for these systems is increasing as they provide the disaster recovery solution for data storage, uninterruptable power supplies for technology systems and control systems in exposed environments, and is therefore a key product for the Group to be offering.

This week, we have welcomed the new Severstor team, who will be based at our head office location in Dalton, Thirsk. For all enquiries, please email severstor@severfield.com.

Top 100 Most Influential Woman in Engineering

Severfield Group SHE Director, Phillipa Recchia, has today been listed as one of the Top 100 Most Influential Woman in Engineering Sector.

Top 100 Most Influential Woman in EngineeringThe list, which is produced by board appointments firm Inclusive Boards* in partnership with the Financial Times, will be officially announced at the Inclusive Boards: Women in Engineering Leadership Conference on 22 October.

 

 

 

Inclusive Boards will also be publishing extensive research into engineering in the UK as well as the results of their diversity survey of the UK’s top 500 engineering firms by revenue.

Development Director Elizabeth Oni-Iyiola said:
Engineers have an impact on almost every area of our day to day lives. Phillipa and those featured today are role models who inspire those around them and demonstrate leadership and influence in the work that they do.”

Patrick Clarke, Director of Network Operations at UK Power Networks and judge for the list said:
I am personally inspired but not at all surprised by the tremendous talent on the Women in Engineering list. Sadly, there are still plenty of people who will be surprised due to a mind-set which say Engineering equals males not females. I took part as a judge because I wanted to be inspired.”

Severfield Group SHE Director, Phillipa Recchia said:
“Being part of the Top 100 Most Influential Woman in the Engineering Sector will further my determination to have a sustainable positive effect on the industry.
My passion is safety and people, to which I will endeavour to continue to inspire and influence business to create a safer working environment for everyone through leadership, engagement and mentoring.”

 

*Inclusive Boards are the UK’s leading board appointments firm, specialising in attracting high level diverse talent through a network of over 60,000 professionals. They operate across sectors including sport, to charities and social investment. Inclusive Boards’ cutting-edge research has featured in the Independent, Guardian, Daily Mail and more.

Inclusive Boards have also conducted a detailed diversity survey, analysing the gender, ethnicity, age profiles, and educational and socioeconomic backgrounds of Boards, directors and executives of the UK’s 500 largest engineering firms by revenue.

The list has been published today and will officially launch at the Inclusive Boards: Women in Engineering Leadership Conference in Central London on October 22, hosted by expert in gender and diversity issues in STEM, Dr Jan Peters. Inclusive Boards are the UK’s Executive Diversity Experts with a network of over 60,000 diverse professionals across the STEM, sport, not-for-profit and public sectors.

www.inclusiveboards.co.uk

Structural Steel Design Awards 2019

The 2019 Structural Steel Design Awards were held on Tuesday 1 October. This was the 51st year for the award ceremony, which is dedicated to showcasing the amazing achievements that can be created from structural steel – with a focus also being on the architectural design.

The Awards

All 20 entries on the shortlist were scored highly for each projects ‘efficiency, cost-effectiveness, aesthetics, sustainability and innovation’.

Severfield received awards from the BCSA for Tottenham Hotspur, Coal Drops Yard and Wimbledon No.1 Court.

Tottenham HotspurSSDA Awards

 

 

 

 

The Tottenham Hotspur project also received an award for ‘Project of the Year’.

Our Chiswick Park Footbridge project received a commendation from the judges too.

Also shortlisted for an award were Severfield projects Aga Khan Centre in London and Ely Southern Bypass.

Severfield is extremely proud to have worked on these iconic projects, having been fortunate to provide a large range of services on each, including; overall design input, temporary works design, innovative edge protection systems, fabrication and erection of steelwork.

SSDA Awards

 

 

 

 

 

 

 

 

 

 

To win three of the five awards, along with the ‘Project of the Year’ award and a commendation is an exceptional result for us and is testament to the dedication, support and remarkable skills of every one of our employees involved.

SSDA Awards

 

 

 

 

 

 

 

 

 

 

Chairman of the Judges, Chris Nash said “Again, there has been a high number of quality entries to the Awards Scheme. This year there has been a greater variety in the types of projects entered for the scheme. Scales of entry range from the largest sports building projects, through prestige city and regional office buildings, to smaller educational projects. While there are no residential projects this year, we see an increase in high quality leisure sector projects and footbridges.”

He went on to say that “There are jaw-dropping achievements here, and beautiful gems. I believe everyone involved in the steel construction industry should be proud of what has been achieved, and I trust that the Structural Steel Design Awards reflect the quality of the achievement”.

SSDA Awards

Severfield’s acquisition of leading full-service structural steelwork business

Acquisition of Harry Peers & Co Limited, a leading structural steelwork business within the nuclear, process industries and power generation sectors

Harry Peers & Co Limited is a leading structural steelwork business within the nuclear, process industries and power generation sectors

Severfield plc, the market leading structural steel group, announces that it has entered into an agreement to acquire 100% of the share capital of Harry Peers & Co Limited (“Harry Peers”) a leading full-service structural steelwork business, for a net initial consideration of £18.0 million payable in cash on completion (the “Acquisition”). A performance-based deferred consideration is in place, which could increase the purchase price by up to £7.0 million, which would be payable in late 2020.

Highlights

  • The Acquisition will significantly expand and extend Severfield’s current capabilities into attractive complementary market sectors: nuclear, process industries and power generation. Combining the businesses will enhance Severfield’s position as the UK’s broadest structural steel services group.
  • For the 12 months ended 30 April 2019, Harry Peers achieved audited revenues of £21.2 million and profit before tax of £3.4 million. The value of the gross assets as at 30 April 2019 was £24.0 million.
  • The Acquisition consideration will be funded by a combination of cash reserves and a term loan.
  • The Acquisition is anticipated to be earnings enhancing in its first full year of operation.

Strategic rationale for the Acquisition

The Board of Severfield believes that the long-term investment profile of Harry Peers’s key market positions in the highly regulated markets of nuclear, process industries and power generation, enhances its areas of expertise and broadens its market exposure.

With the scale and capabilities of the Group, there are substantial opportunities to grow Harry Peers through a number of combined operational initiatives such as new business development functions for Harry Peers, European contract opportunities, and investment in technology-driven enhancements.

Harry Peers has also demonstrated capability in modular structural steel offerings, which Severfield will look to develop across its wider product range.

Harry Peers’s commercial markets

The nuclear sector, including both the defence and commercial sectors, in which Harry Peers commands a niche, well-established and trusted position with blue chip customers, is forecasted to grow through the UK Government’s decommissioning investment programme. The UK Government is forecasted to require a decommissioning budget of £164 billion over the next 120 years.

The process industries sector is wide ranging and includes pharmaceutical and petrochemical sectors. The installed base in the UK is extensive. Upgrades and development to operational sites provide ongoing opportunities for offsite modular solutions.

The power generation market, including energy-from-waste (“EfW”) plants, which contribute 5.57TWh of electricity per annum, is forecast to grow on the back of the world economy seeking alternatives to carbon fuels. The UK Government has set a target of 15% of final energy consumption from renewable sources by 2020, meaning that 30% of electricity production will have to come from renewable sources.

Acquisition consideration and earn out details

The net cash initial consideration of £18.0 million is on a cash free, debt free basis. The total initial consideration will be £30.4 million which includes company cash and cash equivalents of £12.4m. The initial consideration will be financed by a combination of cash reserves and a term loan. A performance-based deferred consideration is in place, which could increase the purchase price by up to £7 million if certain financial and operational targets are achieved for the period to 31 August 2020 that would be payable in late 2020.

Alan Dunsmore, Chief Executive Officer, Severfield commented:

“This acquisition will help Severfield continue to deliver on its strategic objectives. Harry Peers’s experience in specialist, highly regulated, non-cyclical markets will enhance our future growth plans through expanding the Group’s capabilities and sector reach.

“We believe Severfield is best placed to help Harry Peers continue its profitable growth trajectory, through increased scale and investment and together with Harry Peers’s strong management team we have a real opportunity to develop a broader position within the UK structural steel services market.”

Severfield annual results announced – 31 March 2019

Severfield plc, the market leading structural steel group, announces its results for the 12 month period ended 31 March 2019.

Continued operational and strategic progress, further profit growth, UK and Europe order book of £295m, India order book of £134m

Highlights

  • Revenue of £274.9m (2018: £274.2m)
  • Underlying* profit before tax up 5% to £24.7m (2018: £23.5m)
  • Underlying* basic earnings per share up 5% at 6.7p (2018: 6.4p)
  • Year-end net funds of £25.1m (2018: £33.0m) after payment of 2018 special dividend (£5.2m) and equity investment (£4.2m) in India to finance expansion of the Bellary factory
  • Total dividend increased by 8% to 2.8p per share (2018: 2.6p per share), includes proposed final dividend of 1.8p per share (2018: 1.7p per share)
  • Over 100 projects undertaken during the year in diverse 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 and Europe order book of £295m at 1 June 2019 (1 November 2018: £230m), including the first orders secured by our new European business
  • Share of profit from Indian joint venture (‘JSSL’) up 140% at £1.2m (2018: £0.5m)
  • Step change in Indian market position reflected in order book of £134m at 1 June 2019 (1 November 2018: £124m), expansion of the Bellary factory in progress

 

Severfield Annual Results March 2019

Alan Dunsmore, chief executive officer commented:

‘We are pleased to have delivered another year of good performance. Our UK and Europe order book of £295m contains a healthy mix of projects across a diverse range of sectors and we have made strategic progress in the UK, Europe and India.

There is now considerable positive momentum within the Group which, in combination with our cash generative nature and strong positions in our core markets, provides us with the platform for further operational and strategic progress. We remain on track to deliver on our strategic targets, including the doubling of underlying profit before tax to £26m by 2020 and we look forward to another positive year ahead.’

 

Severfield annual results announced – 31 March 2019
See the full press release on our RNS page here.

Apprenticeship opportunities at Severfield

Are you looking for an alternative to college or university?

Do you have the desire to learn a nationally recognised qualification?

Are you looking for a new career with a recognised market leader?

If the answer to the above questions is ‘yes’ Severfield (UK) Ltd may have the right apprenticeship for you!

Based in Horwich, Bolton, Severfield (UK) Ltd has been designing, fabricating and erecting structural steel for over 80 years and has been heavily involved in the modernising of the UK’s building infrastructure.

Severfield (UK) Ltd is looking to recruit several apprentices in Metal Fabrication for September 2019.

The apprenticeship will consist of a 4-year training programme involving in-house training and off-site tuition with Wigan and Leigh College.

 

 

 

If you have:

  • GCSE’s in Maths and English grades A* – C (or equivalent).
  • The drive to learn a new trade.
  • Interest in gaining a nationally recognised qualification.
  • The determination to take on a new challenge.

We would love to hear from you!

In return you will receive:

  • A starting weekly wage of £195 per week, with increasing annually
  • A world-class apprenticeship with the market leader in structural steel
  • Ongoing progression and development
  • A skill for life

Next steps:

If you are interested in applying for either of these apprenticeship roles, please submit your CV to us either via the indeed link or via our website and our People team will be in touch with you in the coming weeks.

If you have any specific questions in relation to this apprenticeship opportunity, please add these in your covering letter and we will respond accordingly.

We look forward to hearing from you.

Severfield installs last piece of steel at TwentyTwo London

Severfield has successfully installed the last piece of structural steelwork on project TwentyTwo, located at 22 Bishopsgate in the centre of London.

The above video can also be seen on our YouTube channel or on our Video Hub page.

During the peak of our construction programme, Severfield was carefully lifting and installing around 300 pieces of steel per week. Last week we saw the project complete at 62-storeys and 278m from the ground, with the final piece of structural steelwork being installed. Overall, the Company has provided the fabrication and installation of approximately 15,000 pieces of steelwork for TwentyTwo.

TwentyTwo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This is the latest project to have been completed by Severfield and will provide the City of London with a highly desirable destination for modern office and leisure space. There will also be a public viewing gallery between levels 58-61 – enabling people to be almost as high as The Shard and offering breathtaking views of London.

Our project case study for this project can be found here.