The Severfield board considers the dividend to be a very important component of shareholder returns. Accordingly, based on its current assessment of the performance of the business, the outlook for the year and a strong balance sheet and cash position, the board has decided to maintain the interim dividend at 1.1p per share (2019: 1.1p per share).
Other financial highlights include:
Revenue up 40% to £186.0m (H1 2019: £131.7m)
Underlying profit before tax up 3% to £8.4m (H1 2019: £8.2m), despite the impact of COVID-19
Good cash generation resulting in period-end net funds (excluding IFRS 16 lease liabilities) of £19.5m (31 March 2020: £16.4m), including the outstanding acquisition loan of £10.5m for Harry Peers
Over 80 projects undertaken during the period in the UK, Ireland and continental Europe in diverse market sectors including industrial and distribution, data centres, nuclear and commercial offices
UK and Europe order book of £287m at 1 November 2020 (1 June 2020: £271m), includes new nuclear orders secured by Harry Peers
Share of loss from Indian joint venture ('JSSL') of £0.7m (H1 2019: profit of £1.3m), reflecting the impact of COVID-19
India order book of £98m at 1 November 2020 (1 June 2020: £110m)
