Severfield announces interim results

Severfield plc, the market-leading structural steel group, is pleased to announce its interim results for the period ended 30 September 2018.

Continued operational and strategic progress, UK order book of £230m, India expansion underway, full year results in line with expectations

Highlights

  • Revenue up 9% to £149.1m (H1 2017: £137.1m)
  • Underlying* profit before tax up 2% to £13.1m against a particularly strong H1 2017 profit of £12.9m which included higher than normal profits from certain project completions
  • Interim dividend increased by 11% to 1.0p per share (H1 2017: 0.9p per share)
  • Continued cash generation, resulting in period-end net funds of £25.3m (31 March 2018: £33.0m) after the payment of 2018 final and special dividends (£10.3m)
  • Over 70 projects undertaken during the period 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 in London at 22 Bishopsgate
  • UK order book of £230m at 1 November 2018 (1 June 2018: £237m) comprising more small, lower risk projects
  • Continued good performance from Indian joint venture – share of profit of £0.4m (H1 2017: £0.1m)
  • Improving Indian market position reflected in order book of £124m at 1 November 2018 (1 June 2018: £106m), expansion of Bellary facility now underway

* Underlying results are stated before non-underlying items of £nil (H1 2017: £1.3m):
Amortisation of acquired intangible assets – £nil (H1 2017: £1.3m)
The associated tax impact of the above – £nil (H1 2017: £0.3m)

interim results

 

 

 

 

 

 

Alan Dunsmore, chief executive officer commented:

“Our continued operational and strategic progress has resulted in another period of growth for the Group. In addition to a high quality and stable UK order book, we continue to see good progress in India and have established exciting new organic opportunities for growth.

With our market-leading position, we are well placed to deliver on our strategic objectives and generate enhanced value for our shareholders.”

See the full press release for our interim results on our RNS page here.