Severfield PLC AGM Statement (8792P)
September 06 2017 - 2:00AM
UK Regulatory
TIDMSFR
RNS Number : 8792P
Severfield PLC
06 September 2017
6 September 2017
Severfield plc
('the Company' or 'the Group')
AGM trading update
At the Company's Annual General Meeting, to be held today at
12.00 noon, Aldwark Manor Hotel, Aldwark, Alne, York YO61 1UF, the
Chairman, John Dodds, will make the following statement.
Current trading and outlook
The Group's trading performance and financial position remains
in line with management expectations and the outlook for the year
ending 31 March 2018 remains 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 GBP221m as at 1 September (1 June: GBP229m)
remains 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 GBP64m at 1 September (1 June:
GBP73m) 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.
For further information, please contact:
Severfield plc Alan Dunsmore 01845 577 896
Acting Chief Executive
Officer
Adam Semple 01845 577 896
Acting Group Finance
Director
Jefferies International
Limited Simon Hardy 020 7029 8000
Will Soutar 020 7029 8000
Bell Pottinger Dan de Belder 020 3772 2561
Zara de Belder 020 3772 2512
This information is provided by RNS
The company news service from the London Stock Exchange
END
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