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21/11/2017
Severfield Reports Strong Growth In Half-Year Results
Severfield is anticipating its full year results to be comfortably ahead of expectations after reporting strong growth in turnover and profits.
In its results for the six month period ended 30 September 2017, the steelwork contractor revealed revenue is up 16% to £137.1 million (2016: £118.2m) while underlying profit before tax increased by 59% to £12.9m (2016: £8.1m).
In addition, its UK order book sits at £245m with over 80 projects undertaken during the first six months of the year, such as Tottenham Hotspur F.C's new stadium, the retractable roof for Wimbledon No. 1 Court and a new commercial tower in London at 22 Bishopsgate.
Other significant projects in the period included commercial office developments in London and outside (including Southbank Place, Shard Place, Kings Cross S2 and Snowhill), the Ordsall Chord railway bridges in Manchester and Ferrybridge Power Station.
The Group said: "Encouragingly, the UK market continues to appear stable and the pipeline for potential future orders remains good. We have identified a number of significant new potential projects in the coming months across the commercial office (London and outside), retail, industrial and distribution, and infrastructure sectors.
"In addition, the Group is continuing to see the re-emergence of the market in the Republic of Ireland as well as potential opportunities in Europe."
Alan Dunsmore, Acting Chief Executive Officer, said: "I am delighted to be reporting a strong set of results for the half year, which reflects the Group's continued delivery against our strategic targets, improved margins and strong cash generation. Building on this performance, we now expect that our full year results will be comfortably ahead of our previous expectations.
"Severfield, with its market-leading position, strong order book and pipeline, is well placed to continue to deliver enhanced value for shareholders."
(LM/MH)
In its results for the six month period ended 30 September 2017, the steelwork contractor revealed revenue is up 16% to £137.1 million (2016: £118.2m) while underlying profit before tax increased by 59% to £12.9m (2016: £8.1m).
In addition, its UK order book sits at £245m with over 80 projects undertaken during the first six months of the year, such as Tottenham Hotspur F.C's new stadium, the retractable roof for Wimbledon No. 1 Court and a new commercial tower in London at 22 Bishopsgate.
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Other significant projects in the period included commercial office developments in London and outside (including Southbank Place, Shard Place, Kings Cross S2 and Snowhill), the Ordsall Chord railway bridges in Manchester and Ferrybridge Power Station.
The Group said: "Encouragingly, the UK market continues to appear stable and the pipeline for potential future orders remains good. We have identified a number of significant new potential projects in the coming months across the commercial office (London and outside), retail, industrial and distribution, and infrastructure sectors.
"In addition, the Group is continuing to see the re-emergence of the market in the Republic of Ireland as well as potential opportunities in Europe."
Alan Dunsmore, Acting Chief Executive Officer, said: "I am delighted to be reporting a strong set of results for the half year, which reflects the Group's continued delivery against our strategic targets, improved margins and strong cash generation. Building on this performance, we now expect that our full year results will be comfortably ahead of our previous expectations.
"Severfield, with its market-leading position, strong order book and pipeline, is well placed to continue to deliver enhanced value for shareholders."
(LM/MH)
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