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Structural steel group, Severfield, has reported record revenues and better than expected profits in its results for the year ended 25 March 2023.
Revenues were up 22% to £491.8m (2022: £403.6m) with underlying pre-tax profits up 20% to £32.5m (2022: £27.1m).
The Thirsk-based group says it has a high-quality UK and Europe order book worth £510m as of 1 June 2023 (1 November 2022: £464m), which includes new industrial and distribution, film studio, commercial offices and nuclear orders.
Alan Dunsmore, chief executive officer, said: “2023 was a very successful year for the Group. We reported record revenue, delivered underlying profits ahead of expectations and secured a significant value of new, high-quality work across all our geographies.
“This demonstrates the success of our strategy to diversify the sectors and geographies we serve, reflects the high-quality of our operations and is testament to the talent and commitment of our people.
“We were also pleased to complete the acquisition of Voortman, which brings in new clients, sectors and opportunities, enhancing our position as one of Europe’s strongest structural steel groups, and positioning us for further growth in the region.
“Whilst there are signs of inflation easing, we remain mindful of the macro-economic backdrop.”
Severfield notes it has a significant pipeline of opportunities both in the UK and continental Europe with many of its chosen markets continuing to have a favourable outlook.
In India, the group adds it is well-placed to take advantage of significant post-pandemic growth opportunities, thanks to a very encouraging outlook for the Indian economy and a strong underlying demand for structural steel.
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