Severfield plc, the market-leading structural steel group, is pleased to announce its interim results for the 6 month period ended 30 September 2017.
59% increase in underlying profit before tax, 29% increase in interim dividend, order book of £245m, full year results expected to be comfortably ahead of expectations
Highlights
Revenue up 16% to £137.1m (H1 2016: £118.2m)
Underlying* profit before tax up 59% to £12.9m (H1 2016: £8.1m)
Underlying basic earnings per share up 56% at 3.50p per share (H1 2016: 2.25p per share)
Interim dividend increased by 29% to 0.9p per share (H1 2016: 0.7p per share)
Continued strong cash performance, resulting in period-end net funds of £31.4m (31 March 2017: £32.6m) after equity investment in Indian joint venture of £5.3m to repay term debt
Over 80 projects undertaken during the period in key market sectors including the new stadium for Tottenham Hotspur F.C., the retractable roof for Wimbledon No. 1 Court and a new commercial tower in London at 22 Bishopsgate
Share of profit from Indian joint venture of £0.1m (H1 2016: loss of £0.2m) reflecting continued stability and profitability of the business
UK order book of £245m at 1 November 2017 (1 June 2017: £229m)
India order book of £79m at 1 November 2017 (1 June 2017: £73m)
2018 full year results expected to be comfortably ahead of previous expectations
See the full press release on our RNS page here.
Severfield plc published this content on 21 November 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 21 November 2017 09:33:05 UTC.
Original documenthttp://www.severfield.com/severfield-interim-results-announced-2/
Public permalinkhttp://www.publicnow.com/view/44059C9F2C546C1B6B8BEBCD16EEC237D3D75CA2
Severfield plc is a United Kingdom-based structural steel company that offers various products, such as Severstor, Rotoflo, Siloflo, Bin Activator, Seversafe, Fabsec and Processing. The Company's services include design, manufacturing, fabrication, delivery, construction and project management. It operates in three segments: Core Construction, Modular Solutions, and JSSL. Its projects include Stadia & Leisure, Transport infrastructure, Commercial Projects, Industrial Projects, and Health and Education Projects. Its Stadia & Leisure projects include Fulham FC Riverside Stand, Tottenham Hotspur Stadium, Wimbledon No.1 Court, V&A Dundee and others. Its Transport infrastructure projects include Ordsall Chord, Ely Southern Bypass and Manchester Airport Multi-Storey Car Park. Its Commercial Projects include 22 Bishopsgate, The Shard and Arbor Bankside Yards. Its Industrial Projects include BRS2 Distribution Centre, Luton Regional Distribution Centre and Stafford Regional Distribution Centre.