By Greg Wright

Published 27th Mar 2023, 08:23 BST

Updated 27th Mar 2023, 14:47 BST

In the second half of the year, Severfield continued to secure a “significant value” of high-quality work, which it said resulted in a record UK and Europe order book of £508m at March 1 2023 of which £391m is for delivery over the next 12 months.

The statement added: “The order book remains well-diversified and contains a healthy mix of projects across the group’s key market sectors. “In terms of geographical spread, 93 per cent of the order book represents projects in the UK, with the remaining 7 per cent representing projects for delivery in Europe and the Republic of Ireland.”

The statement added: “We are encouraged by the current level of tendering and pipeline activity across the group, seeing a consistently high level of opportunities both in the UK and in continental Europe, as many of our chosen markets continue to have a favourable outlook.”

Severfield built the stands at Lords. Picture: Jed Leicester

In the commercial and industrial division, Severfield said it remained well positioned to take advantage of many opportunities, including battery plants, data centres, TV and film studios, commercial offices and stadia and leisure projects.

It added: “In our nuclear and infrastructure division, we are also seeing a healthy pipeline of opportunities including in the nuclear sector, where we have recently been selected as one of two ‘key delivery partners’ to deliver structural steelwork at Sellafield as part of the long-term programme and project partners framework.”

Commenting on outlook, Severfield said: “The group’s businesses are well-positioned in markets with excellent long-term growth opportunities, underpinned by our new, simplified divisional structure.

"Whilst we remain mindful of the macro-economic backdrop, given the group’s historical performance and the current visibility of forward workload for delivery in the 2024 financial year and beyond, we look to the future with confidence.”

On March 15, the group announced that it had entered into an agreement to acquire all the share capital of Voortman Steel Construction Holding, a European steel construction group, for a net consideration of €24m payable in cash on completion.

The acquisition is expected to complete following the satisfactory completion of the works council consultation process, as required under Dutch Law.

Severfield also said its Indian joint venture performed in line with expectations in the second half of the year.

Severfield, which built the stands at Lords cricket ground, secures record UK and European order book