Wimbledon's roof and a new City skyscraper boost Severfield's profit

 
Alys Key
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Wimbledon Spring Press Conference 2018
Wimbledon added a roof to Court No.1 (Source: Getty)

Severfield, the UK's largest structural steel group, announced a jump in profit this morning, boosted by major projects for clients including Wimbledon, Tottenham Hotspur FC and a new City skyscraper.

The figures

In the year to 31 March, underlying pre-tax profit climbed 19 per cent to £23.5m.

Revenue was up five per cent to £274.2m.

The group's current UK order book stands at £237m, including its contract for the Google Headquarters at Kings Cross.

Severfield upped its dividend by 13 per cent to 2.6p per share.

Read more: How London's skyline is going to change over the next decade

Why it's interesting

Severfield has its fingers in almost every pie in London, with major projects including the new roof on the No.1 Court at Wimbledon and the new tower at 22 Bishopsgate in the City.

The current period is no different. As well as scoring a major contract with Google, the firm has projects for Manchester University and Westfield Stratford City in the pipeline.

Outside of the UK, its Indian joint venture JSSL continued to grow profitability, though it accounted for a relatively small portion of the group's income.

Read more: UK construction sees minor lift as trade deficit spikes

What Severfield said

Chief executive Alan Dunsmore said: "The strong performance that we are reporting today pays tribute to the hard work of all our staff and continues to reflect our well-established market-leading position and our focus on operational performance and efficiencies.

"With a high quality and stable UK order book of £237m and a strong pipeline of opportunities which provides us with good visibility of earnings, together with an encouragingly improving outlook for our Indian joint venture, we remain confident that 2019 will be another year of progress for the Group."

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