Property & Construction
Severfield is the UK’s largest structural steel provider and one of the biggest in Europe. It has a total capacity of around 150,000 tonnes in five UK plants, employs c.1,400 and has a growing JV in India. Its main activities are: the design of steel structures for buildings and infrastructure; fabrication of sections and plate; and the erection of the steel elements within larger projects. It was formed in 1978 and grew rapidly before significant contractual losses in 2013 prompted a major restructuring and rights issue. In 2019 the group acquired privately-owned Harry Peers & Co, which serves the nuclear, process and power industries, for up to £25m. DAM Structures, which is exposed to rail, was acquired in February 2021 for up to £27m.
We believe that Severfield should benefit from: growth markets such as infrastructure, including HS2, logistics and datacentres; its leading market position; and strong balance sheet, which, in our view, could open up further market opportunities. We also see strong growth opportunities in India, where we see scope for overall economic recovery as the pandemic disperses and a maturing construction market that will require more complex engineering capabilities.
22/11/2022 Severfield plc
We have kept our FY23E-25E PBT estimates for Severfield, Britain’s top steel construction specialist, as its FY23E interims […]
26/10/2022 Severfield plc
Prospects for Severfield, the UK’s top steel construction specialist, should be underpinned not only by existing markets including […]
08/09/2022 Severfield plc
Severfield, the UK’s top steel construction specialist, confirms in today’s AGM statement that performance in the first five […]
15/06/2022 Severfield plc
Severfield, Britain’s leading structural steel specialist, delivered an 11% increase in adjusted FY2022 PBT to £27.1m, just below […]
20/04/2022 Severfield plc
Severfield, Britain’s leading structural steel specialist, has confirmed that it expects FY2022E results in line with its previous […]
23/11/2021 Severfield plc
Strong trading and a new record high for the order book for Britain’s leading structural steel specialist drove […]
01/09/2021 Severfield plc
Britain’s leading structural steel specialist has highlighted in today’s AGM statement continuing positive trading in the first five […]
16/06/2021 Severfield plc
Britain’s leading structural steel specialist slightly beat our previously increased estimates for FY2021, with adjusted PBT of £24.3m […]
22/04/2021 Severfield plc
We have raised our PBT estimates for FY2021E – 2023E after Britain’s leading structural steel specialist this morning […]
26/02/2021 Severfield plc
Britain’s leading structural steel specialist has acquired specialist fabricator DAM Structures for £12m and up to £15m in […]
25/11/2020 Severfield plc
Severfield’s diverse range of end-markets supported a 40% increase in sales despite “challenging” conditions for Britain’s leading structural […]
Company Management Team
Chief Executive Officer
Alan Dunsmore joined the company in March 2010 from Smiths Group plc. He joined Smiths Group Medical Division in 1995, holding various positions throughout the business and from 2004 was Director of Finance for Smiths Detection. Prior to joining Smiths, he was with Coopers and Lybrand in Glasgow, where he qualified as a Chartered Accountant in 1992. Alan was appointed as Chief Executive Officer in February 2018.
Adam joined the Group in 2013 from Firth Rixson Group, prior to which he was with PwC in both Leeds and London, where he qualified as a chartered accountant in 2002. Adam was appointed as Group finance director in February 2018, having held the role on an interim basis since March 2017. He previously held the position of Group financial controller.