Structural steel group Severfield has reported a 10% rise in revenue in its results for the year ended 31 March 2017.

With revenue up to £262.2 million compared with £239.4m last year, underlying profit before tax jumped 50% to £19.8m (2016: £13.2m). The operating margin improved to 7.5% (2016: 5.7%).

In addition, more than 110 projects were undertaken during the year, with projects over £20m including a new roof for Wimbledon No.1 Court, a major new commercial head office building in London, the new stadium for Tottenham Hotspur F.C. and a new commercial office tower at 22 Bishopsgate.

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Plans are now in place to expand the business across Europe. The Group said: "After undertaking a significant amount of research into the potential market opportunity in Continental Europe we have employed a European business development director based in the Netherlands, who will focus on tailoring our established UK offering for expansion into this market."

Alan Dunsmore, acting Chief Executive Officer, said: "I am delighted to announce another set of excellent results which keeps us on track towards our target of doubling our 2016 underlying pre-tax profit by 2020. Our strategy is well-flagged and it continues to deliver operationally and financially.

"We have worked on some major projects during the year, especially in London, including Wimbledon No. 1 Court, Tottenham Hotspur and 22 Bishopsgate. Our return on capital employed has risen to 14.6% and cash generation has been excellent.

"The current order book and pipeline, coupled with a continued stable market environment, will support further progress in the current financial year towards our 2020 target."

(LM)