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Trading statements

Severfield trading in line with expectations

06 September 2017 07:04

Severfield announced its trading performance and financial position remains in line with management expectations and the outlook for the year to 31 March 2018 remained 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) remained 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.

Story provided by StockMarketWire.com

Related Company: SFR

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