AGM Trading Update

RNS Number : 7721X

Severfield PLC

02 September 2015

 

2 September 2015

Severfield plc

("the Company" or "the Group")

AGM Trading Update

Severfield plc, the market leading structural steel group,

issues an update on current trading for its AGM

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

Current trading

The Group's trading performance and financial position is in line with management expectations.

UK

The UK order book of £188m remains strong with the London Commercial markets and Large Industrial Distribution Centres in particular continuing to provide opportunities, which supports revenue growth in the current financial year.  Operating margins are continuing to improve as benefits from the ongoing operational improvement programme continue to be realised.

JSW Severfield Structures Ltd (India)

The Indian business continues to perform satisfactorily in what remains a sluggish market. The order book of £36m remains steady and there are some interesting commercial opportunities in the pipeline, although the overall economic situation has not improved in recent months.

Outlook

The UK business continues to progress well in a steadily improving environment with both revenue growth and margin improvement in evidence. The Indian business remains steady and is generating good opportunities in what remains a slow market. Overall the Group is on track to progress as expected over the remainder of the financial year.

For further information please contact:

Severfield plc	Ian Lawson Chief Executive Officer	01845 577896
	Alan Dunsmore Finance Director	01845 577896
Jefferies International Limited	Simon Hardy	020 7029 8000
	Harry Nicholas	020 7029 8000
Bell Pottinger	Nick Lambert	020 3772 2558
	Emma Kent	020 3772 2571

 

END

 

 

AGMPKDDQABKDOCK