Severfield first-half revenue up 9% to £149m

Thirsk, North Yorkshire-based steel group Severfield said on Tuesday its revenue rose 9% to £149.1 million in the six months through September 30 while underlying profit before tax edged up 2% to £13.1 million.

Interim dividend increased 11% to 1p per share.

Severfield said more than 70 projects were undertaken during the period in key market sectors including the new stadium for Tottenham Hotspur FC, the retractable roof for Wimbledon No. 1 Court and a new commercial tower in London at 22 Bishopsgate.

It reported a UK order book of £230 million at November 1 comprising more small, lower risk projects and an “improving Indian market position” reflected in an order book of £124 million at November 1.

Severfield CEO Alan Dunsmore said: “Our continued operational and strategic progress has resulted in another period of growth for the group.

“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.”