2nd Sep 2014 07:30
LONDON (Alliance News) - Severfield PLC said Tuesday that it has continued to make progress since the beginning of the year and that it remains focused on market development in India and the UK construction sector as it has "significant prospects" for future growth.
The UK structural steel specialist said that it has made progress in its strategy to become a leader in structural steel, "creating a legacy for future generations through world class engineering and design excellence," since the start of the year.
In a statement released ahead of its annual general meeting Tuesday, Chairman John Dodds said that the company has delivered substantial operational improvements across the group during the last year and that its stabilisation programme is ongoing.
Looking ahead, Severfield said that it retains its focus on market development in India and that it is well positioned for the recovery of the UK construction sector, supported by a robust balance sheet.
"The Group has momentum in delivering against its strategic objectives, with significant prospects for operating margin growth, profit growth, increased revenue and positive cash flow going forward," said Dodds.
Shares in Severfield were Tuesday morning trading marginally higher, up 0.53% at 61.08 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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