Severfield PLC Trading Statement (6543Y)
08 Septiembre 2022 - 1:00AM
UK Regulatory
TIDMSFR
RNS Number : 6543Y
Severfield PLC
08 September 2022
8 September 2022
Severfield plc
('the Company' or 'the Group')
AGM trading update
Trading in line with expectations
Ahead of today's Annual General Meeting ('AGM'), Severfield plc,
the market leading structural steel group, announces the following
trading update for the first five months of the financial year
ending 25 March 2023.
Operational and trading update
The Group is pleased to report that performance in the first
five months of the 2023 financial year has been strong and trading
is in line with management's expectations, with several ongoing
contracts expected to deliver significant profits in H2.
UK and Europe
The Group is pleased with the continuing high quality of the UK
and Europe order book which stands at GBP483m at 1 September (1
June 2022: GBP486m), of which GBP363m is for delivery over the next
12 months. The order book remains well-diversified and contains a
good mix of projects across the Group's key market sectors. In
terms of geographical spread, 97 per cent of the order book
represents projects in the UK, with the remaining 3 per cent
representing projects for delivery in Europe and the Republic of
Ireland (1 June 2022: 96 per cent in the UK, 4 per cent in Europe
and the Republic of Ireland).
As well as maintaining an historically high level of orders
across the Group, we are also seeing a strong pipeline of further
potential opportunities, in the UK and in continental Europe, and
we remain well positioned to take advantage of many of these in
both our Commercial and Industrial division and Nuclear and
Infrastructure division.
India
JSSL is continuing to ramp up its Bellary facility towards its
maximum capacity of c.100,000 tonnes in 2023. The company's strong
order book of GBP152m at 1 September (1 June 2022: GBP158m),
together with an improving pipeline of potential orders, reflects a
continuing strong underlying demand for structural steel in India.
All this leaves the business very well-positioned to take advantage
of a growing economy which, together with the ongoing conversion of
the market from concrete to steel, will drive the success and long
term value of the business.
In conjunction with our joint venture partner, we are close to
selecting another plot of land to facilitate the future expansion
of the business. This land purchase, which will be completed in H2,
will allow the business to expand its geographical footprint whilst
providing it with the platform to build quickly and incrementally
add the necessary volume to support the expected future market
growth.
Outlook
Whilst we remain mindful of the macro-economic backdrop and
particularly the inflationary pressures which are expected to
continue for the foreseeable future, we are continuing to manage
these well. Given the Group's performance to date and the current
visibility of future workload for delivery in the remainder of the
2023 financial year, we continue to expect to deliver further
progress and a full year performance which is in line with our
previous expectations.
Half year results and capital markets day
The Group will announce its financial results for the half year
ending 24 September 2022 on Tuesday 22 November 2022. We will also
host a Capital Markets Day for investors and analysts in January
2023, for which a separate RNS notice will be issued in due
course.
For further information, please contact:
Severfield Alan Dunsmore 01845 577 896
Chief Executive Officer
Adam Semple 01845 577 896
Chief Financial Officer
Jefferies International Simon Hardy 020 7029 8000
Will Soutar 020 7029 8000
Liberum Capital Nicholas How 020 3100 2000
Ben Cryer 020 3100 2000
Camarco Ginny Pulbrook 020 3757 4980
Tom Huddart 020 3757 4980
Notes to AGM statement:
Except as otherwise stated '2022' refers to the 52-week period
ended 26 March 2022 and '2023' refers to the 52-week period ending
25 March 2023. The Group's accounts are made up to an appropriate
weekend date around 31 March each year.
Notes to editors:
Severfield is the UK's market leader in the design, fabrication
and construction of structural steel, with a total capacity of
c.150,000 tonnes of steel per annum. The Group has six sites,
c.1,500 employees and expertise in large, complex projects across a
broad range of sectors. The Group also has an established presence
in the expanding Indian market through its joint venture
partnership with JSW Steel (India's largest steel producer).
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