Yorkshire-based steelworks firm says order pipeline is 鈥榮table鈥�

Emirates stadium severfield

Steelworks specialist Severfield said it is on track to deliver 拢26m of pre-tax profit in 2020 after revealing a 鈥渟olid order book鈥� in a pre-close trading update.

The North Yorkshire-based firm, which has worked on a number of large-scale projects in London including the Shard, centre court at Wimbledon and Arsenal FC鈥檚 Emirates stadium (pictured), said its overall trading performance has been in line with upwardly-revised expectations announced in November last year.

Its UK order book of 拢242m as at 1 April was in line with normal order book levels, equating to eight to 10 months鈥� annualised revenue.

鈥淥ur pipeline of potential future orders has remained stable with a good balance of work across all key market sectors,鈥� the update added.

Severfield said its the order book of its Indian joint venture 鈥� 拢65m at 1 April versus 拢79m on 1 November 鈥� remained strong and contained an 鈥渁ppropriate mix of commercial work and lower margin industrial work鈥�.

Last year Severfield, which employs 1,400 staff, reported annual revenues for the year to 31 March 2017 of 拢262.2m and pre-tax profit of 拢18.1m.

The firm, which in January appointed Alan Dunsmore, previously the finance director, as its new chief executive to replace Ian Lawson who stepped down because of ill-health, will announce its results for the year ended 31 March 2018 on 20 June.