Severfield upbeat after returning to profit

Structural steel group Severfield has returned to profit on higher revenue, accompanied by an improved total dividend and upbeat outlook.

Chief executive Ian Lawson cited operational improvements and efficiencies over the past three years for its increased profitability.

"Our target is now to double our underlying profit before tax over the next four years," Lawson said, noting the order book was at its highest level for more than six years.

"The Group is well placed to continue delivering against its near-term financial targets whilst continuing to build for the longer term.

"Overall the outlook remains encouragingly positive."

Severfield swung to a full year pre-tax profit of £9.6m, from a loss of £0.19m, with revenue rising to £239.4m, from £201.5m.

Interim dividend was 0.5p a share and took the total to 1.5p, from 0.5p a year earlier.

At 12:17 BST, its shares were up 10.53% to 52.5p.