Company Report: Severfield (NI)
Severfield (NI), until 2014 known as Fisher Engineering, headquartered in Enniskillen is now a subsidiary of an English parent company, Severfield-Rowan plc. It specialises in constructional steelwork extending to design, fabrication and the erection of structural steelwork.
The trading results for 2017-18 show a continuing increase from those of the previous year. Turnover reached a new peak of nearly £90m, well above an early peak of £60m in 2011. In the last five years, annual turnover has risen by nearly 80%.
Annual operating and pre-tax profits have increased in each of the last five years. From a temporary low in 2013, operating profits have risen to £14.3m, or nearly 16% of turnover.
Severfield (NI) has only had a small reliance on external borrowed funds and the generation of strong internal revenue means that pre-tax profits have recently been slightly higher than operating profits.
The improving trading results have been followed by an increase in the dividends paid to the parent company shareholders. Dividend payments in 2017-18 were £10m - up from £8m in the previous year.
Most of the remaining post-tax profits were retained in the profit and loss account and the total value of shareholders' funds at March 31, 2018 increased to £25.99m.
Employment numbers have been relatively stable, year to year. On average 302 people were employed in 2017-18. This is an increase of 9% in the payroll numbers.
The company publishes a well-documented strategic report on issues such as its commercial and market environment, its information technology resilience and management of its Indian joint venture.