DELIVERING SUSTAINABLE GROWTH from a STRONG FOUNDATION Severfield Plc Severfield and Accounts Annual Report 2020 Ended 31 March for the Year
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Severfield plc Annual report and accounts for the year ended 31 March 2020 DELIVERING SUSTAINABLE GROWTH FROM A STRONG FOUNDATION Severfield plc Annual report and accounts for the year ended 31 March 2020 and accounts for the year ended 31 March Annual report SUSTAINABLE GROWTH IN NUMBERS Delivering on our promises 2020 strategic profit target of £26m exceeded 2019 2018 2017 £28.6 £23.5 £24.7 MILLION £19.8 MILLION MILLION MILLION Read more about our operating performance on pages 50 to 57 Strong UK and Europe order book 2019 2020 2018 2017 £271 £237 £295 MILLION £229 MILLION MILLION MILLION WELCOME TO OUR ANNUAL REPORT 2020 Severfield is the largest specialist structural steelwork group in the UK, with a growing presence in India and Europe and a reputation for performance and value. WE CONTINUE TO MAKE PROGRESS IN WE ARE CONTINUING TO DELIVER ON OUR EXECUTING OUR STRATEGY WHICH IS STRATEGIC OBJECTIVES AND, IN ACHIEVING UNDERPINNED BY OUR MARKET-LEADING AN UNDERLYING PROFIT BEFORE TAX OF POSITIONS, OUR STRONG BALANCE SHEET £28.6M, WE HAVE SURPASSED OUR 2020 AND THE QUALITY OF OUR WORKFORCE STRATEGIC PROFIT TARGET. AND SENIOR LEADERSHIP TEAMS. John Dodds Alan Dunsmore Non-executive chairman Chief executive officer Read more about our chairman’s view Read more about our strategy on pages 12 and 13 on pages 36 to 44 Investor website We maintain a corporate website at www.severfield.com containing a wide range of information of interest to institutional and private investors including: • Latest news and press releases • Annual reports and investor presentations Our projects The strength within structures iconic 26620 13 July 2020 3:11 pm Proof 11 LORD’S CRICKET GROUND - COMPTON AND EDRICH STANDS REDEVELOPMENT This redevelopment sees the traditional ‘home of cricket’ modernised, with the existing stands, originally supplied and erected by the Severfield Group in 1991, replaced by two larger, more accessible stands either side of the iconic J.P Morgan Media Centre. Location St John’s Wood, London Client Marylebone Cricket Club Main contractor ISG Construction Engineer Buro Happold Architect Wilkinson-Eyre Architects Tonnage 2,300 Completion date November 2020 The project The development is part of Ground. The walkway will be 40m Marylebone Cricket Club’s (‘MCC’) long by 3.5m-wide and supported on ongoing masterplan to redevelop a single row of 7.5m-high columns. the world-famous and historic The newly developed stands will Lord’s Cricket Ground. The new increase the ground’s overall capacity Compton and Edrich stands by c.2,500 seats, with three per are both three-tiered structures cent of all seating being accessible complete with feature canopies for wheelchairs and those with above the upper tiers. Together restricted mobility. In addition to vastly they will accommodate c.11,500 improving spectators’ sightlines and spectators and be linked at the reducing the amount of restricted second-tier level by a connecting view seats, the upgraded stands walkway overlooking the Nursey Severfield plc 26620 13 July 2020 3:11 pm Proof 11 will also feature modern corporate the Group began steel erection in assemblies. Positioned in the middle and hospitality areas. The Group December 2019 and continued of each stand, the columns sit is responsible for the project’s during the off-season to March towards the back of the lower-tier steelwork connection design, 2020. The erection of the canopy and provide support for the 7m-wide detailing and supply and erection of is planned for late 2020, after the cantilevering seating area of the 2,300 tonnes of structural steel and completion of the 2020 cricket second-tier as well as the underside steel stairs together with the erection season in October. of the uppermost seating level. The of precast components including project involved highly complex Among the largest elements the terrace units and vomitory walls. fabrication in order to resolve steel within each of the stands are the Construction on this phase of the with precast geometry, as sections main supporting columns, which MCC masterplan began in August of the precast concrete terrace units are typically large box sections 2019, after the final international are set to a parabolic curve. fixed with Macalloy bar anchor cricket match of the season and 26620 13 July 2020 3:11 pm Proof 11 GOOGLE HEADQUARTERS, KING’S CROSS This project involved the design and construction of the purpose built 11-storey structure as a new headquarters for Google, the first wholly owned and designed Google building outside the US. Location King’s Cross, London Client Google UK Contract manager Lendlease Construction (Europe) Engineer AKT II Architect Bjarke Ingels Group/ Heatherwick Studio Tonnage 16,441 Completion date June 2021 The project The new steel-framed, structurally area, amenity space, a multi-use glazed building is being developed games area and a 25m pool. The from the ground up and will structure is being developed around contribute to the Knowledge five concrete cores containing lift Quarter and King’s Cross’s growing shafts, from which the floors of the knowledge-based economy. The frame attach and carry a proportion completed building’s width will of the overall weight. The frame also vary from 60m-wide to the north incorporates over-arching roof trusses to just 20m-wide to the south over which, via a series of hangers, carry its 330m length and will provide the weight of the extremities of each c.650,000 square feet of office level of the structure. space, including the roof structure which will accommodate a garden Severfield plc 26620 13 July 2020 3:11 pm Proof 11 The Group is responsible for the began in the 2019 financial year member frame connection design, and is expected to be completed in fabrication and erection of c.16,000 mid-2021. tonnes of fire-protection treated The project also included structural steel. The on-site erection deployment of Severfield’s well- programme includes a temporary known safety product, ‘Seversafe’ works scheme and sequential edge protection. This consists of installation of precast concrete floor the handrail system in place, vertical planks and cross-laminated floor debris netting and safety fans planks. Furthermore, the scope of installed near to the perimeter of the the project includes leading-edge structure. protection including specialist units in the riser shafts. Construction 26620 13 July 2020 3:11 pm Proof 11 DATA CENTRE, REPUBLIC OF IRELAND This project involved the construction of a new large data centre located in Clonee, Dublin for a global technology company. Location Clonee, Dublin Contract manager Mace Engineer Arup Architect SNH Architects Tonnage 9,300 Completion date November 2020 The project This project is a state-of-the-art millions of social media users. This data centre facility and is the project occupies c.90,000 square latest building in a development metres within this development – of cloud storage centres for one the equivalent of almost 18 football of the world’s largest technology pitches. companies. The scale of the overall The Group is very familiar with the development in the Republic of development of data centres in Ireland is substantial, with the Ireland, having recently completed the entire site occupying 480 acres design, fabrication and construction and will be one of the fastest and of a similar, smaller facility, providing most cutting-edge cloud-based 5,600 tonnes of structural steel, data centres in the world, storing in April 2018. This current project and retrieving information for is exactly double the size of the Severfield plc 26620 13 July 2020 3:11 pm Proof 11 previous project with a total of eight were pre-assembled at ground level a platform for influencing key data halls and an accompanying and lifted into location on the roof aspects of the design. administration block. The building of the building with large 750-tonne This project consists of an extremely is a single storey beam and column mobile cranes. challenging design, fabrication and braced steel-frame structure with The design elements for this erection programme. Design and a roof that supports a plant gantry project included connection detailing began on the project in platform with 17,500 square metres design, temporary works design spring 2019 with a drawing office of galvanised open-grid grating with and detailed BIM coordination with team of over 30 skilled colleagues associated construction handrails. more than 300 items of electrical working on the project at its peak. Also installed on the roof is 68,000 and mechanical equipment. Early The on-site erection programme square metres of metal decking in the project lifecycle, the Group’s was based on 12 steel crews incorporating 78 plenum pods project teams were involved in pre- erecting up to 1,000 tonnes of steel weighing up to 20 tonnes, which construction stages, which created per week. 26620 13 July 2020 3:11 pm Proof 11 EUROPEAN SPALLATION SOURCE, LUND The latest addition to Europe’s scientific research capability, this cutting-edge facility will host the most powerful linear proton accelerator ever built. Location Lund, Sweden Client European Spallation Source Main contractor Skanska ESS Construction HB Architect Henning Larsen Tonnage 3,000 Completion date September 2020 The project Situated near the university town ESS Lund is a testament to the of Lund, Sweden, the Group are power of collaboration in which the building a cross-discipline research Group is proud to be a part. facility based on the world’s The first major project for the Group’s most powerful neutron source. Netherlands-based European European Spallation Source (‘ESS’) business, Severfield Europe B.V, is a collaboration of 13 European this project showcases the Group’s countries, intended to yield expertise in the continent.