Underlying profit before tax of £24.3m, demonstrates resilience against Covid-19 backdrop
Acquisition of DAM Structures for initial consideration of £12m, deferred consideration of £7m in FY22, contingent consideration of up to £8m payable over five years
Good cash generation resulting in cash balances of £25.0m - net funds of £4.4m, including acquisition loans of £20.7m
UK and Europe order book of £376m including £13m for DAM Structures
Share of loss from India of £0.7m, reflecting Covid-19 impacted loss in H1 and break-even profit position in H2
India order book of £135m reflects strong underlying demand for structural steel
Underlying basic EPS of 6.4p per share
Total dividend maintained at 2.9p per share despite lower FY21 profits - reflects confidence in outlook
3
Annual General Meeting - September 2021
Acquisition of DAM Structures
Acquisition of DAM Structures (DAM) completed on 26 February 2021
DAM is an innovative steel fabrication company with access to propping, railway and steel piling markets
Initial consideration of £12m, on a cash and debt-free basis, funded by a term loan repayable over five years
Deferred consideration of £7m payable in April 2022 and contingent consideration of up to £8m payable over five years if certain work- winning targets are achieved
Acquisition will give us immediate access to attractive, complementary market sectors with strong growth potential, including HS2 and Network Rail work
Ability to establish relationships and contracts at an earlier stage in site development with new and existing customers
DAM Structures project Victoria station, London
4
Annual General Meeting - September 2021
Group income statement
£m
Revenue
Underlying operating profit (before JVs and associates)
Results of JVs and associates
Net finance expense
Underlying profit before tax
Tax
Underlying profit after tax
12 months to
12 months to
31 Mar 2021
31 Mar 2020
363.3
327.4
25.5
27.0
7.0%
8.2%
(0.4)
2.4
(0.8)
(0.7)
24.3
28.6
(4.5)
(5.0)
19.8
23.6
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
Original document
Permalink
Disclaimer
Severfield plc published this content on 01 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2021 08:11:06 UTC.
Severfield plc is a United Kingdom-based structural steel company that offers various products, such as Severstor, Rotoflo, Siloflo, Bin Activator, Seversafe, Fabsec and Processing. The Company's services include design, manufacturing, fabrication, delivery, construction and project management. It operates in three segments: Core Construction, Modular Solutions, and JSSL. Its projects include Stadia & Leisure, Transport infrastructure, Commercial Projects, Industrial Projects, and Health and Education Projects. Its Stadia & Leisure projects include Fulham FC Riverside Stand, Tottenham Hotspur Stadium, Wimbledon No.1 Court, V&A Dundee and others. Its Transport infrastructure projects include Ordsall Chord, Ely Southern Bypass and Manchester Airport Multi-Storey Car Park. Its Commercial Projects include 22 Bishopsgate, The Shard and Arbor Bankside Yards. Its Industrial Projects include BRS2 Distribution Centre, Luton Regional Distribution Centre and Stafford Regional Distribution Centre.