Business
Results for the year ended 31 March 2017
Results for the year ended 31 March 2017.
About this update from Severfield Plc
[{"type":"text","content":"\n \nRNS Number : 0044I Severfield PLC 14 June 2017 \n\n \n \n14 June 2017\nResults for the year ended 31 March 2017\n\nContinued strategic and operational progress across the Group with a 50% increase in underlying profit before tax and a 53% dividend increase\nSeverfield plc, the market leading structural steel group, announces its results for the 12 month period ended 31 March 2017.\n \nHighlights\n \n\n\n\n\n· \n\n\nRevenue up 10% to £262.2m (2016: £239.4m)\n\n\n\n\n· \n\n\nUnderlying* profit before tax up 50% to £19.8m (2016: £13.2m)\n\n\n\n\n· \n\n\nContinued strong cash performance with operating cash conversion of 112% (2016: 150%), resulting in year-end net funds of £32.6m (2016: £18.7m)\n\n\n\n\n· \n\n\nTotal dividend increased by 53% to 2.3p per share (2016: 1.5p per share), includes proposed final dividend of 1.6p per share\n\n\n\n\n· \n\n\nReturn on capital employed ('ROCE') of 14.6% (2016: 9.7%)\n\n\n\n\n· \n\n\nOver 110 projects undertaken during the year in key market sectors including Wimbledon No.1 Court, a major new commercial head office building in London, the new stadium for Tottenham Hotspur F.C. and a new commercial office tower at 22 Bishopsgate\n\n\n\n\n· \n\n\nShare of profit from Indian joint venture of £0.2m (2016: loss of £0.3m) reflecting stability of the business and move to profit for the first time\n\n\n\n\n· \n\n\nEquity investment in Indian joint venture of £5.3m being made post year-end to repay term debt\n\n\n\n\n· \n\n\nUK order book of £229m at 1 June 2017 (1 November 2016: £315m), reflecting a return to more 'normal' order book levels\n\n\n\n\n· \n\n\nIndia order book of £73m at 1 June 2017 (1 November 2016: £35m)\n\n\n\n\n· \n\n\nGood progress made towards strategic objective of doubling underlying profit before tax by 2020\n\n\n\n\n \n\n\n\n\n£m\n\n\n\n\n\n12 months to\n31 March 2017\n\n\n12 months to\n31 March 2016\n \n\n\n\n\nRevenue\n\n\n\n\n\n262.2\n\n\n239.4\n\n\n\n\nUnderlying* operating profit\n(before JVs and associates)\n\n\n\n\n\n19.6\n\n\n13.7\n\n\n\n\nUnderlying* operating margin \n(before JVs and associates)\n\n\n\n\n\n7.5%\n\n\n5.7%\n\n\n\n\nO...