Steel specializer Severfield has breached institution gross records for a 2nd year, bringing successful much than £400m contempt “challenging marketplace conditions”.
The Yorkshire-based steadfast reported gross of £403.6m for the twelvemonth ending 31 March 2022, which was up 11 per cent from £363.3m the erstwhile year.
It said this was mostly down to its acquisition of DAM Structures past February and expanding alloy prices.
Pre-tax profits for the radical accrued by 11 per cent – rising to £27.1m from £24.3m successful the erstwhile twelvemonth – portion its UK and Europe bid publication was the largest ever recorded by the firm, reaching conscionable shy of fractional a cardinal pounds.
Chief enforcement Alan Dunsmore (pictured) attributed the group’s steadfast finances to its “significant sector, geographic and lawsuit diversification”, and predicted a beardown 2023 with an “encouraging pipeline of work” lined up.
He said: “We proceed to marque beardown affirmative advancement successful our cardinal marketplace sectors, with the size and prime of our secured workload expanding during the year.
“This occurrence is reflected successful our bid books of £486m successful the UK and Europe and £158m successful India.
“Our capabilities are aligned with galore marketplace sectors with beardown maturation imaginable and we person an encouraging pipeline of significant, profitable opportunities successful the UK, Europe and India, leaving america good positioned to summation our marketplace stock and to thrust aboriginal profitable growth.”
It is the 2nd successive twelvemonth that the alloy specializer has recorded an expanding gross pursuing “operational” disruption caused mostly by the COVID-19 pandemic.
However, it said that the Ukraine war, which broke retired earlier this year, had presented further challenges to its output.
The acquisition of DAM Structures past February, on with continued enactment connected respective ample organisation factories, the archetypal of a bundle of HS2 bridges and a Midlands viaduct project, person each helped to boost revenue, contempt these issues.
Dunsmore said the company's quality to present prime enactment and its beardown relationships with clients – who felt similar they were “getting bully value” – was proving cardinal to continued, beardown fiscal performance.
Another takeaway from the firm’s fiscal results was its grounds UK and Europe bid book, which totalled £486m connected 1 June 2022, up from £393m.
Almost each (96 per cent) of these orders were projects successful the UK.
Among a fig of ongoing projects is the operation of Everton Football Club's caller Bramley-Moore Dock stadium, wherever the first alloy “super-column” was installed past month.
Dunsmore said the group’s bid publication profited from the unfortunate collapse of erstwhile alloy supplier Cleveland Bridge UK, which went retired of concern past September aft administrators failed to find a purchaser successful time.
Speaking connected the bid book, helium said: “We stay encouraged by the existent level of tendering and pipeline enactment crossed the group, some successful the UK and successful continental Europe, successful which we clasp a bully marketplace position, and which remains an important portion of our strategical maturation plans.”
Dunsmore besides noted that Severfield was “well-positioned” to instrumentality vantage of “some important opportunities successful the concern and distribution” market, and noted that the steadfast had adapted to lawsuit delays amid inflationary and proviso concatenation pressures.
He said: “There has been a batch of uncertainty [in the sector] since the Brexit vote, and particularly with COVID[…] truthful it’s astir managing the load connected our factories.”