Severfield has reported a 'strong' performance in its results for the six month period ended 30 September.

The company revealed revenue had risen slightly to £118.2 million compared with £117.1 million last year. In addition, underlying profit before tax rose 69% to £8.1m (2015: £4.8m).

The company's order book is also at its highest for over six years, with £315m worth of work in the UK and £35m in India. New orders include the new commercial tower at 22 Bishopsgate, new distribution centres including one for an on-line major retailer, a retail centre expansion and the Graphene Innovation Centre in Manchester.


Ian Lawson, Severfield's Chief Executive Officer (CEO), said the results provide a "strong platform" from which the company can implement its business strategy.

"I am delighted with our strong performance in the first half, which has continued since the period end. Margins are significantly up, our order book has continued to rise to a six year high whilst our pipeline remains steady.

"In combination with the strong cash generation in the first half, this has given us the confidence to increase the interim dividend by 40% and we expect profit growth for the full year to be comfortably ahead of expectations.

"We have a strong platform from which to implement our strategy, which targets to double our underlying profit before tax over the next four years, and continue to create value for our shareholders."

(LM/MH)