In 2020, we continued to make good operational and strategic progress, helping to generate sustainable long-term value for our stakeholders.
Our aim is to capitalise on growth opportunities, both in the UK and Europe, and to maximise our market share.
Increase UK market share:
Growing profitable market share in areas where the business already operates.
Enter new UK market sectors:
Looking for new market areas where the business has not operated in the past, taking advantage of our existing capacity and capabilities.
Growth in Europe:
Continue to build on recent contract wins, to drive growth through our European business and our core business in the UK.
Achievements in 2020
- Achieving an underlying profit before tax of £28.6m meant we have surpassed our 2020 strategic profit target.
- Grown Group revenue by 62 per cent since we launched our strategic growth target in 2015.
- The UK and Europe order book at 1 June 2020 stands at £271m, providing the Group with a strong future workload.
- Entered new UK markets through the recent acquisition of Harry Peers.
- Invested in organic growth with the launch of our new ‘Severstor’ and ‘Seversilo’ product ranges.
- Continued to develop our industrial and distribution and data centre offering, adopting a more sector-focussed approach.
- Invested £6.5m in capital expenditure as our capital investment programme continues to drive operational efficiencies and organic growth across the Group. This has enhanced our market position and ensures we remain competitive across a wide range of sectors.
- CMF continued to develop its product offering and grow organically.
Objectives for 2021
- Further grow Group revenue whilst responding to the challenges of COVID-19 and maintain the quality of the order book.
- Focus on enhancing our position in existing UK markets where the Group already has specialist expertise (at good margins and with acceptable levels of risk) to deliver sustainable shareholder value.
- Maintain our focus on key sectors in the UK and Europe including industrial and distribution, data centres, commercial offices, stadia and transport infrastructure to strengthen and widen our market focus.
- Exploit further opportunities for growth, both organically and through acquisition.
GULFSTREAM AIRCRAFT HANGAR, FARNBOROUGH
Providing space for up to 13 private jets and accompanying office facilities, this modern aircraft hangar will help keep Gulfstream’s fleet in the sky.
Located at Farnborough Airport, London’s gateway for business aviation, this 236m long ‘maintenance, repair and overhaul’ (‘MRO’) facility for Gulfstream private jets consists of a large aircraft hangar with a three-storey feature office, with further office space along its full length. Designed to house up to 13 jets with clear spans between them, three large hangar doors open into c.230,000 square feet of space topped by a sweeping roof complete with gantry crane beams.
To complete the project, Severfield supplied, fabricated and erected a mix of hot-rolled structural steel and cold-rolled purlins, as well as utilising our expertise in connection design in conjunction with consultant engineers. The building consists of twenty-seven 40m roof trusses, which were required to be fabricated and delivered in three sections for transport, as well as the three 70m door trusses required to head the large hangar doors. These were also delivered in sections and bolted together on the ground, then lifted onto temporary support towers before being jacked into position to a sub-9mm tolerance over the 70m length.
The nature and location of the project presented additional challenges. Working so close to an active airport meant that site operations were conducted at unusual hours in order to prevent the landing air traffic from being disrupted by the cranes needed to position the trusses. These trusses also needed to have tight tolerances over large distances in order to properly install the crane gantry beams, with the use of temporary support towers necessitating a very specific order for their installation. The project also called for the use of four different paint systems, requiring close coordination and tracking from the drawing office through to production. Despite the challenges, the site programme was completed to the original schedule.
Farnborough Airport, Hampshire