Last checked at 6 Sep 2016 07:00
6 September 2016
Severfield plc
("the Company" or "the Group")
AGM Trading Update
Severfield plc, the market leading structural steel group,
issues an update on current trading for its AGM
At the Company's Annual General Meeting, to be held today at 12.00 noon, Aldwark Manor Hotel, Aldwark, Alne, York YO61 1UF, the Chairman, John Dodds, will make the following statement.
Current Trading
The Group's trading performance and financial position remain in line with management expectations.
UK
The UK order book of £268m as at 31 August has remained at a very strong level in the period following the EU referendum result and continues to include work across a wide range of market sectors and project sizes. Our pipeline of potential future orders has also remained stable with a good balance of work across all key market sectors.
India
With an order book of £37m the Indian business remains steady and continues to generate an encouraging level of new opportunities amid signs that economic optimism in the country is beginning to increase.
Outlook
With its strong order book, continuing profit improvement programme and our ability to work across a wide range of market sectors, including infrastructure, the UK business is well placed to continue to meet expectations. The Indian business continues to perform steadily and is well placed to benefit from any improvement in the Indian economy. Overall, the Group is on track to progress as expected over the remainder of the financial year.
Half-Year Results
Severfield will announce its financial results for the half-year ending 30 September 2016 on 22 November 2016.
For further information, please contact:
Severfield plc | Ian Lawson Chief Executive Officer
| 01845 577 896 |
Alan Dunsmore Finance Director
| 01845 577 896 | |
Jefferies International Limited | Simon Hardy | 020 7029 8000 |
Harry Nicholas
| 020 7029 8000 | |
Bell Pottinger | Nick Lambert | 020 3772 2558 |
Dan de Belder | 020 3772 2561 | |
Zara de Belder | 020 3772 2512 |