Severfield reports strong interim results

Structural steelwork group Severfield has reported strong interim results despite what it describes as a difficult macroeconomic backdrop.

The North Yorkshire-headquartered company reported turnover of £234.9M for the six-month period ending 24 September 2022, up from £195.9M in the same period of 2021.

Underlying profit before tax also increased by 17 per cent to £12.1M from £10.3M in the previous year.

Severfield’s UK and Europe order book stood at £464M at 1 November 2022, compare to £486M on 1 June 2022, and includes new industrial and distribution centres, nuclear and data centre orders.

Severfield Chief Executive Alan Dunsmore, said: ‘The group has delivered a strong performance in the first six months of the year against a difficult macroeconomic backdrop. Our high-quality order book reflects our significant market sector, geographical and client diversification and provides us with good earnings visibility.

“Our new simplified divisional structure in the UK and Europe, with our three divisions: Commercial and Industrial, Nuclear and Infrastructure, and Products and Processing, continues the evolution of our strategy and builds on the momentum generated from the operational improvement initiatives that have been put in place over the last eight years.”