Severfield : Annual Report 2023

DESIGNING AND

CONSTRUCTING A SUSTAINABLE FUTURE

SEVERFIELD PLC ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 25 MARCH 2023

SUSTAINABLE GROWTH IN NUMBERS

REVENUE

Over the last 5 years our revenue has grown by an average of 16 per cent, reflecting organic growth and strategic acquisitions to diversify our market sectors.

CAGR 16%

£275	£327	£363	£404	£492
million	million	million	million	million
2019	2020	2021	2022	2023

Read more about our operating performance on pages 44 to 51

UK AND EUROPE ORDER BOOK

Our high-quality order book continues to be well-diversified and contains a good mix of projects across the Group's key market sectors

£295	£271	£301	£486	£510
million	million	million	million	million
2019	2020	2021	2022	2023

Read more about our order book on pages 12 and 13

WELCOME TO OUR ANNUAL REPORT 2023

Severfield is the largest specialist structural steelwork group in the UK, with a growing presence in India and Europe and a reputation for performance and innovation.

KEVIN WHITEMAN		ALAN DUNSMORE
Non-executive chairman		Chief Executive Officer

2023 has been another successful year for Severfield. Our results and current market position are attributable to the hard work of our employees, the resilience of our business model and the consistent execution of our well- established strategy, allowing us to continue to make strong progress in our chosen markets."

Our strong performance reflects the high-quality of our operations and the effectiveness of our overall strategy. Our well-diversified order book and strong balance sheet, coupled with continuing operational improvements, leaves us well positioned to deliver increased revenues and make the right long-term decisions for the business."

Find us online @	You can find out more about the Group on our website
www.severfield.com	www.severfield.com, which includes an investor
	information section containing a wide range of
	information of interest to institutional and private
	investors, including:

• Latest news and press releases
• Financial reports and investor presentations
• Company share price

CONTENTS

	OVERVIEW
	A snapshot of what we do	2
	Our structural framework	4
	Our year in review	6
	Chairman's view	8
	Our compelling investment case	10
	Our diversified portfolio	12
	Our projects	14
	The scale of our operations	16
	STRATEGIC REPORT
	How we deliver sustainable value	20
	The markets we serve: UK and Europe	24
	The markets we serve: India	26
	Our market sectors	28
	Our strategy	30
	Engaging with our stakeholders	40
	Key performance indicators	42
	Our operating performance	44
	Our financial performance	52
	Viability statement	56
	Building a responsible and
	sustainable business	58
	How we manage risk	92
	Section 172 statement	105
	OUR GOVERNANCE
	Governance at a glance	108
	Our board of directors	110
	Our executive committee	114
	Our chairman's view on governance	116
	Corporate governance report	118
	Audit committee report	130
	Nominations committee report	134
	Directors' report	136
	Directors' remuneration report
	- Letter from the committee chairman	140
	- Policy	142
	- Implementation	162
	Directors' responsibilities statement	165

	OUR FINANCIALS - GROUP
	Independent auditor's report	168
	Consolidated income statement	176
	Consolidated statement of
	comprehensive income	177
	Consolidated balance sheet	178
	Consolidated statement of changes
	in equity	179
	Consolidated cash flow statement	180
	Notes to the consolidated financial
	statements	181
	Five year summary	220
	Financial calendar	220
	OUR FINANCIALS - COMPANY
	Company balance sheet	221
	Company statement of changes in equity	222
	Notes to the Company financial
	statements	223
	Addresses and advisers	228

OVERVIEW

www.severfield.com 01

Stock Code: SFR