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<\/a><\/div>\n<\/div>\nDespite the setback, Severfield halved net debt since year-end to \u00a321.7m, helped by \u00a320m of insurance receipts linked to its highways and HS2 bridge welding problems revealed last year.<\/p>\n
Management cancelled this year\u2019s interim dividend to conserve cash ahead of \u00a310m of further bridge-fix payments landing in the second half.<\/p>\n
Severfield also made further provision for other bridge-related costs of \u00a33.3m comprising third-party consequential costs and claims received since it full-year results back in July.<\/p>\n
New chief executive Paul McNerney said he had begun a full review of the group\u2019s operating model and would reset strategy for 2026.<\/p>\n
He said: \u201cI am focused on redefining our strategy, strengthening our manufacturing and delivery capabilities, driving greater efficiency, and on bringing an absolute focus on engineering excellence for our customers.\u201d<\/p>\n
The UK and Europe order book held steady at \u00a3429m, with \u00a3324m deliverable within the next 12 months.<\/p>\n
He said that tendering volumes had begun to pick up again, with battery plants, data centres and green-energy schemes offering medium-term momentum.<\/p>\n
India remained the bright spot, with Severfield\u2019s joint venture JSSL delivering a strong turnaround and a record \u00a3286m order book on the back of rising steel demand and new plant expansion in Gujarat.<\/p>\n
The group said full-year expectations remain unchanged, supported by secured second half work and improving tender volumes in key markets.<\/p>\n