Property & Construction

Severfield plc

  • Market Cap (£m) 232.9
  • Listing LSE

Analysts

Company Description

Severfield is the UK's largest structural steel provider and one of the biggest in Europe. It also has a JV in India with JSW Steel, India's largest steel producer. Severfield's main activities are: the design of steel structures for buildings and infrastructure; fabrication of steel sections and plate; and the erection of the steel elements within larger projects. The group was formed in 1978 and undertook a major restructuring in 2013. 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.

Investment Summary

We believe that Severfield should benefit from: growth markets such as infrastructure, including HS2, logistics and datacentres; its leading market position; and its strong balance sheet, which could open up further market opportunities. Severfield has developed a more active strategy of leading rather than following demand, with the group investing in design capabilities and manufacturing capacity tailored to potentially long-term, structural growth sectors such as datacentres, logistics and infrastructure, where clients are more dependent on security of delivery than, say, basic offices and retail. Europe and the potentially huge Indian market are examples of the group's geographical strategy.

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Company Management Team

  • Alan Dunsmore

    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 Semple

    Financial Director

    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.

Key Dates

Jun 2021
16th
Finals
Actual
Sep 2021
1st
AGM
Actual
Sep 2021
30th
Q2 TU
Actual
Nov 2021
23rd
Interims
Actual
Apr 2022
20th
Q4 TU
Actual
Jun 2022
15th
Finals
Actual
Sep 2022
8th
AGM
Actual
Nov 2022
22nd
Interims
Actual
Mar 2023
27th
Q4 TU
Actual
Jun 2023
14th
Finals
Actual
Sep 2023
6th
AGM
Actual
Nov 2023
21st
Interims
Actual
Apr 2024
17th
Q4 TU
Actual
Jun 2024
19th
Finals
Actual
Sep 2024
6th
AGM
Estimate
Nov 2024
21st
Interims
Estimate
Apr 2025
17th
Q4 TU
Estimate