This morning, Severfield said that clients had continued to place orders, stabilising its order book at last year’s level of £270m.
In a cautiously optimistic agm trading update, chief executive Alan Dunsmore said that all factories were now fully operational, with all construction sites open, and underlying operations performing well.
“We remain encouraged by the current level of tendering and pipeline activity across the group despite evidence of some investment decisions being delayed.
“We continue to see a good number of opportunities, albeit at competitive prices, in our key market sectors, including in the industrial and distribution, data centre, infrastructure and stadia and leisure sectors.”
In terms of geographical spread, 61% of the order book was for UK projects, with the remaining 39% representing projects for delivery in Europe and the Republic of Ireland.
Borrowings of £15m, originally drawn down in late March under the group’s revolving credit facility as a precautionary measure in response to the Covid-19 outbreak, have now been repaid.
The board is recommending a final dividend for the year ended 31 March of 1.8p per share, making a total for the year of 2.9p per share (2019: 2.8p per share).