Wimbledon work helps Severfield revenue hit £275m

Thirsk, North Yorkshire-based steel group Severfield said on Wednesday its revenue edged higher to £274.9 million in the year to March 31 and underlying profit before tax rose 5% to £24.7 million.

The firm, which employs 1,200, said it undertook more than 100 projects during the year including a new stadium for Tottenham Hotspur FC, a retractable roof for Wimbledon No.1 Court and a new commercial tower at 22 Bishopsgate in London’s financial district.

Total dividend increased by 8% to 2.8p per share.

Severfield CEO Alan Dunsmore said: “We are pleased to have delivered another year of good performance.

“Our UK and Europe order book of £295m contains a healthy mix of projects across a diverse range of sectors and we have made strategic progress in the UK, Europe and India.

“There is now considerable positive momentum within the group which, in combination with our cash generative nature and strong positions in our core markets, provides us with the platform for further operational and strategic progress.

“We remain on track to deliver on our strategic targets, including the doubling of underlying profit before tax to £26m by 2020 and we look forward to another positive year ahead.”