StockMarketWire.com - Structural steel group Severfield booked an 11% rise in annual profit after boosting its margins.

Pre-tax profit for the year through March rose to £24.7m, up from £22.2m on-year.

On an underlying basis, profit rose by 5.1% to £24.7m, as revenue inched up 0.3% to £274.9m.

Underlying operating margins rose to 8.5%, up from 8.3%.

'We are pleased to have delivered another year of good performance,' chief executive Alan Dunsmore said.

'Our UK and Europe order book of £295m contains a healthy mix of projects across a diverse range of sectors and we have made strategic progress in the UK, Europe and India.'

'There is now considerable positive momentum within the group which, in combination with our cash generative nature and strong positions in our core markets, provides us with the platform for further operational and strategic progress.'

'We remain on track to deliver on our strategic targets, including the doubling of underlying profit before tax to £26m by 2020 and we look forward to another positive year ahead.'



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