Severfield Plc is recommending an increased final dividend of 2.3p per share (2023: 2.1p), payable on 11 October to shareholders on the register at the close of business on 6 September. This together with the interim dividend of 1.4p per share (2023: 1.3p), will result in a total dividend of 3.7p per share (2023: 3.4p). Looking ahead, as in previous years, they expects the interim dividend to be approximately one third of the prior year's full dividend.
Other financial highlights include:
- Revenue of £463.5m (2023: £491.8m) reflects the impact of softer market conditions in 2024
- Underlying profit before tax up 13% to £36.5m (2023: £32.5m), ahead of expectations due to strong operational delivery
- Underlying basic earnings per share up 5% at 8.9p (2023: 8.5p)
- Year-end net debt (on a pre-IFRS-16 basis) of £9.4m (2023: net funds of £2.7m), includes Voortman acquisition loan of £15.2m, and reflects an operating cash conversion of 110% (2023: 145%).
- High-quality, diversified UK and Europe order book of £478m at 1 June 2024 (1 November 2023: £482m), includes higher proportion of European orders
