Business
AGM Trading Statement
AGM Trading Statement.
About this update from Severfield Plc
[{"type":"text","content":"\n\n30 July 2024\nSeverfield plc\n('the Company' or 'the Group')\nAGM trading update - trading in line with expectations\n \nSeverfield plc, the market-leading structural steel group, announces the following trading update, ahead of today's Annual General Meeting ('AGM').\n \nCurrent trading and outlook\nTrading since the start of the financial year has been as expected and the Group remains on track to deliver a result for 2025 which is in line with its expectations. The Group's cash and balance sheet position remains strong. Our businesses remain well-positioned to win work in markets with positive long-term growth trends, providing us with a strong platform to fulfil our strategic growth aspirations.\n \nUK and Europe\nThe Group is pleased with the continuing high quality of the UK and Europe order book which stands at £460m at 1 July (1 June: £478m), of which £369m is for delivery over the next 12 months. The order book remains well-diversified and contains a good mix of projects across the Group's key market sectors. The composition of the order book reflects the continued strengthening of our market position in Europe, with 32 per cent of the order book representing projects in continental Europe and Ireland (1 June: 32 per cent).\n \nAs highlighted in our 2024 full year results announcement in June, market conditions are showing signs of improvement although pricing remains competitive for some projects in our shorter cycle sectors, including in the distribution sector. Looking further ahead, our businesses remain well-positioned to win work in markets with positive long-term growth trends including those which are driving the green energy transition. These include opportunities in both our Commercial and Industrial division and our Nuclear and Infrastructure division, such as battery plants, energy efficient buildings, manufacturing facilities for renewable energy and offshore wind projects together with work in the transport, nuclear and power and energy sectors given our capability to deliver major infrastructure projects. We are also seeing a strong demand for data centres in the UK and EU, fuelled by cloud computing, 5G and the recent advancement of Artificial Intelligence ('AI') applications.\n \nIndia\nIndia's construction sector continues to grow strongly, a position which is evident in th...