The new Tottenham Hotspur stadium, the retractable roof for Wimbledon No.1 Court and the 22 Bishopsgate office tower are among Severfield’s high profile current projects, which helped it to deliver increased pre-tax profit of £22.2m in the year to 31st March 2018 (2017: £18.1m) on revenue up 5% to £274.2m (2017: £262.2m).
However, the UK order book has shrunk a little in the past six months, from £245m to £237m – there is a limited number of these major projects to bid for.
Therefore it has set up a new division, Severfield (Products & Processing), or SPP, to supply smaller projects.
Chief executive Alan Dunsmore explained: “In January 2018, to drive further operational improvements in line with the group's strategy, we reorganised our factory operations in North Yorkshire. This resulted in steel fabrication at Dalton and Sherburn being consolidated into the Dalton facility, making better use of our operational footprint in Yorkshire, and the establishment of a new business venture in Sherburn, Severfield (Products & Processing). SPP, which commenced trading in April 2018, has allowed us to address smaller scale projects, a segment of the market which we have not historically focused on. The business provides a one-stop shop to fabricators who specialise in smaller projects to source processed steel and ancillary products, all delivered to the group's high standards of quality and service.”