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
- 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
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.