{"id":18211,"date":"2023-06-14T00:17:39","date_gmt":"2023-06-14T07:17:39","guid":{"rendered":"https:\/\/essential.construction\/news\/severfield-soars-with-strong-profit-and-record-revenue\/"},"modified":"2023-06-14T00:17:46","modified_gmt":"2023-06-14T07:17:46","slug":"severfield-soars-with-strong-profit-and-record-revenue","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/severfield-soars-with-strong-profit-and-record-revenue\/","title":{"rendered":"Severfield soars with strong profit and record revenue"},"content":{"rendered":"

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Underlying pre-tax profit jumped a fifth to \u00a332.5m in the year to March 2023 off record revenue up 22% TO \u00a3492m.<\/p>\n

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Alan Dunsmore, Chief Executive Officer, said the the outlook remained bright for the business with a high-quality, diversified UK and Europe order book at \u00a3510m, that includes industrial and distribution, film studio, commercial offices and nuclear orders.<\/p>\n

He said: \u201c2023 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.<\/p>\n

\u201cAs well as our secured workload, we are encouraged by the current level of tendering and pipeline activity across the group.<\/p>\n

\u201cWe are seeing some significant opportunities in the UK and in continental Europe as, despite some current softer market conditions in the distribution sector and delays in client decision- making, many of our chosen markets continue to have a favourable outlook.<\/p>\n

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He added: \u201cWhile there are signs of inflation easing, we remain mindful of the macro-economic backdrop.<\/p>\n

\u201cHowever, given the group\u2019s performance to date and the strength of our order books, we are confident of delivering further progress and a result for 2024 which is in line with our expectations.\u201d<\/p>\n

During the year, the firm\u2019s Indian joint venture recorded output of more than 100,000 tonnes, including sub- contracted work, an output equivalent to that of Severfield\u2019s operations in the UK and Europe and a record for the business.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

In April after the year end, Severfield bought \u00a365m turnover Dutch steel group Voortman Steel Construction for \u00a321m.<\/p>\n

The Voortman deal opens door to European market and fast-growing power distribution sector.<\/p>\n

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