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IN BRIEF: Severfield half year revenue topples on lower production

21st Nov 2023 14:21

Severfield PLC - North Yorkshire, England-based structural steel group - Says revenue in the half year ended September 23 fell 8.3% to GBP215.3 million from GBP234.9 million a year prior. Says the decrease reflects a drop in revenue in its Core Construction operations amid weaker production activity. Pretax profit ticks up by 7.8% to GBP11.0 million from GBP10.2 million. Operating costs decreases 9.4% to GBP203.3 million from GBP224.4 million the year prior. Lifts interim dividend by 8% to 1.4 pence per share from 1.3p in the same period a year ago. Looking ahead, says businesses remain well-positioned to benefit from "excellent" longer-term growth opportunities.

Chief Executive Officer Alan Dunsmore says: "Although the wider market backdrop continues to be challenging, given our successful track record, diversified activities, the strength of our order books and the favourable longer-term outlook, we have increased the interim dividend by 8% and continue to expect to deliver further progress across the group."

Current stock price: 64.80 pence, down 0.3%

12-month change: up 12%

By Sabrina Penty, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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