Yorkshire steel firm in "good position to manage potentially challenging market" with £53.3m revenue increase

A structural steel specialist has announced that its revenue has risen by 19 per cent in the past year.

Severfield, based in Yorkshire, reported today that revenues for 2020 reached £327.4m, marking a nearly 20 per cent jump from 2019’s £274.9m.

The company also saw underlying profit before tax rise by 16 per cent to £28.6m, up from 2019’s £24.7m - which put it ahead of its strategic 2020 profit target of £26m by £2.6m.

The increase follows the firm’s acquisition of structural engineer Harry Peers, which it says has helped it to “enter new UK markets”.

Alan Dunsmore, CEO of Severfield, commented: “The strong set of results that we are reporting today reflects the further operational and strategic progress that we have made in 2020.

“Our balance sheet and cash position remain strong, we have continued to drive our ‘Smarter, Safer, more Sustainable’ initiatives with an increased focus on manufacturing efficiency, and we have entered new UK markets through the acquisition of Harry Peers.

“Despite the ongoing uncertainty of COVID-19, we remain well placed to win work in the diverse range of market sectors and geographies in which we operate.

“This allows us to target a good pipeline of opportunities and provides us with the extra resilience and ability to increase our market share.

“With our teams on site and operational, we are in a good position to service our clients and manage the potentially challenging market ahead.”

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