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Severfield profit rises 14% on increased work flow

Tuesday, 27th November 2018
Structural steel group Severfield booked a 14% rise in profit as increased order flow and construction activity boosted sales.

Pre-tax profit for the six months through September rose to £13.1m, as revenue rose 9% to £149.1m.

Underlying profit rose by a more modest 2%, which the company said owed to a particularly strong performance in the previous year.

Over 70 projects were undertaken during the period, including a new stadium for Tottenham Hotspur FC, a retractable roof for Wimbledon's 'No. 1' court and a new commercial tower in London.

Severfield declared an interim dividend of 1.0p per share, up 11% on-year.

'Our continued operational and strategic progress has resulted in another period of growth for the group,' chief executive Alan Dunsmore said

'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.'

At 8:27am: (LON:SFR) Severfield share price was +0.2p at 68p

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