Last checked at 2 Sep 2015 07:00
2 September 2015
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 today's Annual General Meeting of Severfield plc, to be held at 12.00 noon, Aldwark Manor Hotel, Aldwark, Alne, York YO61 1UF, Chairman John Dodds will make the following statement.
Current trading
The Group's trading performance and financial position is in line with management expectations.
UK
The UK order book of £188m remains strong with the London Commercial markets and Large Industrial Distribution Centres in particular continuing to provide opportunities, which supports revenue growth in the current financial year. Operating margins are continuing to improve as benefits from the ongoing operational improvement programme continue to be realised.
JSW Severfield Structures Ltd (India)
The Indian business continues to perform satisfactorily in what remains a sluggish market. The order book of £36m remains steady and there are some interesting commercial opportunities in the pipeline, although the overall economic situation has not improved in recent months.
Outlook
The UK business continues to progress well in a steadily improving environment with both revenue growth and margin improvement in evidence. The Indian business remains steady and is generating good opportunities in what remains a slow market. Overall the Group is on track to progress as expected over the remainder of the financial year.
For further information please contact:
Severfield plc | Ian Lawson Chief Executive Officer | 01845 577896 |
Alan Dunsmore Finance Director | 01845 577896 | |
Jefferies International Limited | Simon Hardy | 020 7029 8000 |
Harry Nicholas | 020 7029 8000 | |
Bell Pottinger | Nick Lambert | 020 3772 2558 |
Emma Kent | 020 3772 2571 |