Severfield profit doubles as revenue hits £262m

Thirsk, North Yorkshire-based steel group Severfield said its profit before tax nearly doubled to £18.1 million on revenue up 10% to £262.2 million in the year to March 31, 2017.

Severfield also said its proposed total dividend would increase by 53% to 2.3p per share.

Severfield said it undertook more than 110 projects during the year including Wimbledon No.1 Court, the new stadium for Tottenham Hotspur F.C. and a new commercial office tower at 22 Bishopsgate, London.

Severfield acting CEO said Alan Dunsmore: “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 …

“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.”