Softer market sees sales dip at steel producer Severfield
Steel firm Severfield says the cancellation of a Hollywood-style film studio project in the UK contributed to a dip in sales.
The Thirsk-based steelwork business lost out on a £50m order when the owners of Sunset Studios decided to pause their project in Hertfordshire last year. New results for Severfield in the year to the end of March 2024 show revenue fell 6% to £463.5m and operating profits fell 12% to £26.4m. Underlying operating profit, before joint ventures and associates, increased to £37.7m.
Bosses said demand from India - where the firm operates a joint venture - was booming. JSSL, which is a a partnership between Indian JSW Ltd and the North Yorkshire firm, had a record order book at June 1 of £181m, up from £165m in November and including a mix of higher margin commercial work.
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