Severfield made a pre-tax loss of 拢5.6m in the six months to 27th September 2025, compared to a 拢4.3m loss for the same period a year before.
Revenue was down 18% at 拢206.0m (2025 H1: 拢252.3m).
At an underlying level , there was a 拢0.6m profit before tax, compared to 拢16.1m the previous year.
The market for structural steelwork in the UK and Europe 鈥渞emains subdued and competitive bidding environment continues to drive tighter prices鈥�, the board said.
However, tendering activity is improving, notably in the distribution and data centre sectors.
Recent significant new project awards include the Agratas battery gigafactory in Somerset, 聽an energy from waste facility in London, and Project One, a new plant for Ineo in the Port of Antwerp, Belgium
Paul McNerney joined Severfield as chief executive last month after 26 years with Laing O鈥橰ourke. He replaced Alan Dunsmore who 鈥渁greed to step down by mutual consent鈥� in March after Severfield issued a second profits warning in five months.
McNerney said: 鈥淲e continue to see some attractive large-scale projects coming to market, particularly for FY27 and beyond, Looking ahead, our businesses remain well positioned to secure work in markets with strong long-term growth dynamics, particularly in heavily invested infrastructure and energy sectors, including nuclear and those supporting the green energy transition. This provides a strong platform from which to deliver our growth ambitions.鈥�
He said: 聽鈥淚 have worked with Severfield closely throughout my career, including most recently at the Bramley-Moore Dock Stadium in Liverpool, and I know first-hand that our teams can deliver a world class service for our customers.
"Since joining, I have initiated a strategic review of our markets, operations and organisational structure and I look forward to presenting the findings of this review in 2026. I have also engaged with a wide range of current and former customers, and it has been encouraging to hear such strong support for Severfield and the confidence they have in our expertise and delivery.
"I 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 鈥� ensuring we are well positioned for future growth. I look forward to working with the board and the wider team to grow the business and deliver sustainable value for all stakeholders."
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