Severfield ups divi as revenue rises 11% to £403m

Shares of Severfield plc, the Thirsk, North Yorkshire-based steel group, rose about 5% on Wednesday after it said its revenue for the year to March 26, 2022, rose 11% to £403.6 million and underlying profit before tax climbed 11% to £27.1 million.

Severfield total dividend will increase 7% to 3.1p per share.

The company reported a record UK and European order book of £486 million at June 1, 2022, including new industrial and distribution, film studio, commercial office and bridge orders and a new stadium for Everton F.C.

Severfield’s order book for India stood at £158 million.

Severfield CEO Alan Dunsmore said: “We are delighted to be reporting a resilient and strong performance despite the ongoing market challenges.

“The group’s growth strategy is delivering a record order book with a broad diversity of sectors, geographies and clients, providing us with good earnings visibility through 2023 and beyond.

“Although inflation and supply chain pressures remain, we are managing these well and the earnings visibility gives us confidence in maintaining our positive performance expectations for 2023.”

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