Business
Results for the year ended 31 March 2016
Results for the year ended 31 March 2016.
About this update from Severfield Plc
[{"type":"text","content":"\n \nRNS Number : 1989B Severfield PLC 15 June 2016 \n\n \n \n15 June 2016\nResults for the year ended 31 March 2016\n\nReturn to revenue growth -excellent profit and cash performance\nSeverfield plc, the market leading structural steel group, is pleased to announce its results for the 12 month period ended 31 March 2016.\n \nHighlights\n \n§ Revenue up 19 per cent to £239.4m (2015: £201.5m)\n§ Underlying* profit before tax up 59 per cent to £13.2m (2015: £8.3m)\n§ Improvement in UK underlying* operating margin (before JVs and associates) year-on-year to 5.7 per cent (2015: 4.5 per cent), in line with stated targets\n§ Continued focus on tendering and operational processes, reflected in increased margin\n§ Over 120 projects undertaken during the year in key market sectors:\n- Core construction: office developments, stadia, warehouses and distribution centres; and\n- Core infrastructure: transport\n§ Share of losses from Indian joint venture of £0.3m (2015: £0.2m) reflecting stability of the business\n§ Excellent cash performance with operating cash conversion of 145 per cent (2015: 107 per cent), resulting in year-end net funds of £18.7m (2015: £6.4m)\n§ UK order book of £270m at 1 June 2016 (1 November 2015: £185m), its highest position for over six years\n§ India order book of £33m at 1 June 2016 (1 November 2015: £35m)\n§ Successful completion of a 50 per cent investment in Composite Metal Flooring Limited ('CMF'), a manufacturer of metal decking\n§ Proposed final dividend of 1.0p per share, resulting in annual dividend of 1.5p per share, reflecting current performance and confidence in future prospects\n \n\n\n\n\n£m\n\n\n\n\n\n12 months to\n31 March 2016\n\n\n12 months to\n31 March 2015\n\n\n\n\nRevenue\n\n\n\n\n\n239.4\n\n\n201.5\n\n\n\n\nUnderlying* operating profit\n(before JVs and associates)\n\n\n\n\n\n13.7\n\n\n9.0\n\n\n\n\nUnderlying* operating margin \n(before JVs and associates)\n\n\n\n\n\n5.7%\n\n\n4.5%\n\n\n\n\nOperating profit (before JVs and associates)\n\n\n\n\n\n10.1\n\n\n0.5\n\n\n\n\nUnderlying* profit before tax\n\n\n\n\n\n13.2\n\n\n8.3\n\n\n\n\nProfit after tax\n\n\n\n\n\n8.6\n\n\n0.1\n\n\n\n\nUnderlying* basic earnings per share\n\n\n\n\n\n3.67p\n\n\n2.31p\n\n\n\n\nBasic earnings p...