Severfield profit up 26%, declares special dividend
Source - SMW
Structural steel group Severfield booked a 26% rise in annual profit after new projects, including a a new stadium for Tottenham Hotspur football club and a retractable roof for a Wimbledon tennis court, boosted revenue.
Pre-tax profit rose to £22.2m, as revenue increased 5% to £274.2m.
The company declared a final dividend of 1.7p per share, up from 1.6p on-year, bringing total dividends for the year to 2.6p, up 13% on-year.
Severfield also declared a special dividend of 1.7p per share, bringing total cash return to shareholders of 4.3p per share.
The UK order book at 1 June was £237m, down from £245m at 1 November, and included a landmark contract for the new Google headquarters at Kings Cross for 2019.
'With a high quality and stable UK order book of £237m and a strong pipeline of opportunities which provides us with good visibility of earnings, together with an encouragingly improving outlook for our Indian joint venture, we remain confident that 2019 will be another year of progress for the group,' chief executive Alan Dunsmore said.