4th Sep 2018 08:33
LONDON (Alliance News) - Structural steel maker Severfield PLC on Tuesday kept its outlook for the year ending March 31 unchanged, as its trading performance for the year to date has remained in line with management expectations.
Due to higher profit from project completions in the first half of the year, profit in the first and second half is expected to be more equally weighted.
In the UK, the order book stood at GBP210 million as at September 1, down from GBP237 million at June 1. The book reflects a higher proportion of smaller projects, particularly in the industrial and distribution sector, which tends to have shorter lead times.
In India, the order book as at September 1 rose to GBP128 million from GBP106 million, due to a rise in the number of new opportunities, including higher-margin commercial projects.
Due to the improvements in the market Severfield has agreed with its joint venture partner JSW, to increase factory capacity at the Bellary facility in India, which will cost GBP8 million in total.
Severfield will publish its half-year results on November 27.
Shares in Severfield were untraded on Tuesday, last quoted at 76.00 pence.
Related Shares:
Severfield