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Thu June 30 2022

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Severfield riding high

22 Apr 21 A trading update from structural steelwork group Severfield reveals rising optimism as business is going better than previously expected.

An order book of £315m is enough to supports trading throughout the 2022 financial year and beyond, the company said.

Serverfield says that it has been trading at ‘normal’ pre-Covid levels since July 2021. It made no claims for support under any employee-related government schemes (including the coronavirus job retention scheme) and all PAYE, VAT and other Covid-related tax deferrals have now been repaid in full.

Severfield will post its results for the year ended 31st March 2021 in mid-June. “Based on the good progress made in the second half of the 2021 financial year, we now expect to deliver a full year result which is comfortably above management’s previous expectations,” the company said today.  “Whilst we continue to be mindful of the Covid-19 backdrop, we remain optimistic about the future.”

It added: “We remain very encouraged by the current level of tendering and pipeline activity across the group. We continue to see a good number of opportunities, albeit at more competitive prices given the current market conditions, in our key market sectors, including in the industrial and distribution, transport infrastructure, stadia and leisure, nuclear and data centre sectors.”

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