Severfield returns to revenue growth

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STRUCTURAL steel group Severfield today revealed that it had returned to revenue growth as it published its half year figures.

The company has announced its interim results for the six month period ended September 30 2015.

Over the period, revenue rose by 20 per cent to £117.1m. The underlying profit before tax was £4.8m, compared with £3.0m in the same period the year before.

Ian Lawson, the chief executive officer, commented: “I am delighted to announce another six months of good progress at Severfield. We have achieved growth in revenue, profits and cash generation, year-on-year margin increases and also remain on track for continuing margin improvement.

“We remain very active in our chosen sub-sectors of focus, specifically construction and infrastructure and our order book remains solid at £185m and the pipeline healthy. The order book comprises a good balance of small and medium-sized projects, and could have been even greater had some of our larger prospects not been subject to material delays in mandates being awarded.

“We expect the group’s performance to continue to improve, supporting cash generation, investment, the achievement of our growth expectations and the maintenance of our progressive dividend policy.”