Sev­er­field’s show of steel with ro­bust or­ders

Yorkshire Post - Business - - BUSINESS -

STRUC­TURAL STEEL firm Sev­er­field, which has worked on the re­tractable roof for Wim­ble­don No 1 Court, the new sta­dium for Tot­ten­ham Hot­spur FC and the Shard, re­ported a solid or­der book and said its over­all trad­ing per­for­mance is in line with up­wardly re­vised ex­pec­ta­tions.

In a trad­ing up­date for the year to March 31, the Thirsk-based group said its fi­nan­cial po­si­tion re­mains strong and year-end net funds were ap­prox­i­mately £33m.

The UK or­der book stood at £242m on April 1, which Sev­er­field de­scribed as solid, in­clud­ing work across a wide range of mar­ket sec­tors and project sizes.

The or­der book re­mains in line with the group’s nor­mal or­der book lev­els, which typ­i­cally equate to eight to ten months of an­nu­alised rev­enue.

“Our pipe­line of po­ten­tial fu­ture or­ders has re­mained sta­ble with a good bal­ance of work across all key mar­ket sec­tors,” the group said.

It added that both the UK or­der book and pipe­line per­for­mance are con­sis­tent with its progress to­wards strate­gic tar­gets, in­clud­ing the 2020 strate­gic profit tar­get of £26m.

Sev­er­field said its In­dian busi­ness per­formed well in the sec­ond half of the year, re­flect­ing good op­er­a­tional per­for­mance cou­pled with lower fi­nanc­ing costs fol­low­ing the re­pay­ment of the joint ven­ture’s term debt in June 2017.

It said the In­dian or­der book of £65m re­mains strong and con­tains an ap­pro­pri­ate mix of com­mer­cial work and lower mar­gin in­dus­trial work.

“We re­main con­fi­dent in the long term de­vel­op­ment of the busi­ness and be­lieve it con­tin­ues to have a solid foun­da­tion from which to de­liver fu­ture prof­itable growth,” the group said.

Sev­er­field will an­nounce its fi­nan­cial re­sults for the year to March 31 on June 20.

PIC­TURE: ADAM DAVY/PA WIRE

COURT IN THE ACT: Sev­er­field has pro­vided work for the re­tractable roof at Wim­ble­don’s No 1 Court among other no­table projects.

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