3rd Sep 2019 09:03
(Alliance News) - Severfield PLC said Tuesday ahead of its annual general meeting that its expectations for the current financial year are unchanged, after trading as expected so far.
For the year ending March 2020, the structural steel maker expects its results to be more weighted towards the second half than in past years, as several large ongoing contracts are expected to deliver profits in the second half.
The UK and Europe order book stood at GBP301 million on September 1, up 2.0% from GBP295 million at the start of June, and contains a "healthy mix" of projects in the UK, Ireland and continental Europe.
Meanwhile, Severfield said that the steel market in India has continued to expand, with the gradual conversion of building works to steel from concrete. The order book for India at the start of September was GBP134 million, the same figure as on June 1.
Severfield said its pipeline for India includes a growing number of potential commercial projects for key developers and clients. In addition, the company is progressing the expansion of the Bellary facility in Karnataka, and this is expected to be completed by the end of the financial year.
Severfield will publish its interim results on November 26.
Shares in Severfield were up 3.2% at 64.00 pence on Tuesday in London.
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