LONDON (ShareCast) - (ShareCast News) - Structural steelwork company Severfield saw pre-tax profits rise 59% in the six months leading to 30 September, as the group's 1,400 employees split their time between 80 new projects, including Tottenham Hotspur's new stadium and work to the roof of Wimbledon's No.1 court.
Severfield, specialists in the design, fabrication and construction of structural steel, recorded a 16% boost in revenue from its steel business, which jumped from £118.2m to £137.1m, taking underlying pre-tax profits up from £8.1m to £12.9m in the process.

The firm's UK order book increased to £245m from £229m a year earlier, as the group continued work on a major new commercial head office building and a new commercial tower at 22 Bishopsgate, London.

Severfield announced on Tuesday that it expected its full-year results to be "comfortably ahead of previous expectations" as it increased its interim dividend 29% to 0.9p per share.

Alan Dunsmore, acting chief executive officer, said: "I am delighted to be reporting a strong set of results for the half year, which reflects the Group's continued delivery against our strategic targets, improved margins and strong cash generation.

"Building on this performance, we now expect that our full-year results will be comfortably ahead of our previous expectations.

"Severfield, with its market-leading position, strong order book and pipeline, is well placed to continue to deliver enhanced value for shareholders," he concluded.

As of 0920 GMT, shares were leaping 9.38% to 70.55p.

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