Severfield, the Thirsk, North Yorkshire-based steel group, reported lower revenue for the financial year, but higher profit, excluding some one-off items. 

The company reported revenue of £463.5 million for the year, down from £491.8 million a year ago, which it said reflected “softer market conditions in 2024”.

It said underlying profit before tax, excluding impairments and other one-off charges, rose 13% to £36.5 million, which it credited to “strong operational delivery”.

The company said it was on track for 2025 results in line with its expectations. 

Alan Dunsmore, Chief Executive Officer, said: “Looking ahead, we have strong order books in the UK, Europe and India which are providing us with good earnings visibility through 2025 and beyond. With market conditions showing signs of improvement and with our businesses well-placed in markets that are expected to benefit from positive long term growth trends, which are unlikely to be impacted by the result of the upcoming UK general election, we are confident in the outlook for the business.”