AGM Statement

RNS Number : 8792P

Severfield PLC

06 September 2017

 

6 September 2017

Severfield plc

('the Company' or 'the Group')

AGM trading update

At the Company's Annual General Meeting, to be held today at 12.00 noon, Aldwark Manor Hotel, Aldwark, Alne, York YO61 1UF, the Chairman, John Dodds, will make the following statement.

Current trading and outlook

The Group's trading performance and financial position remains in line with management expectations and the outlook for the year ending 31 March 2018 remains unchanged. As a result of the current phasing of contract works, the results for the full year are expected to be more first half weighted than in the prior year.

UK

The UK order book of £221m as at 1 September (1 June: £229m) remains healthy with a good mix of projects, and is in line with our normal order book levels which typically equate to eight to ten months of annualised revenue. Both the quality of the order book and the strength of the UK pipeline are consistent with our continued progress towards our strategic targets.

India

Operational performance remains good and the repayment of the joint venture's term debt in June 2017 will benefit current year profitability. With an order book of £64m at 1 September (1 June: £73m) and an encouraging level of new opportunities, the Indian business is well positioned to take advantage of an improving local economy.

Half year results

The Group will announce its financial results for the half year ending 30 September 2017 on 21 November 2017.

For further information, please contact:

Severfield plc	Alan Dunsmore	01845 577 896
	Acting Chief Executive Officer
	Adam Semple	01845 577 896
	Acting Group Finance Director
Jefferies International Limited	Simon Hardy	020 7029 8000
	Will Soutar	020 7029 8000
Bell Pottinger	Dan de Belder	020 3772 2561
	Zara de Belder	020 3772 2512

 

END

 

 

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