Structural steel group Severfield has reported a 22% increase in revenue to £491.8m ($621.92m) in the year ending 25 March 2023, up from £403.6m in 2022.

In addition, the company has achieved a 20% growth in underlying profit before tax, amounting to £32.5m.

It exceeded initial expectations due to strong operational performance, noted the company. The underlying basic earnings per share also experienced a notable 18% rise, reaching 8.5p.

Severfield's financial position has demonstrated improvement, with year-end net funds of £2.7m, showcasing a positive shift from the previous year's net debt of £18.4m.

The company's order book for the UK and Europe was £510m on 1 June 2023, encompassing diverse sectors such as film studios, commercial offices, and nuclear industries.

During the year, the Indian joint venture recorded an output of more than 100,000 tonnes.

Severfield CEO Alan Dunsmore said: "We were also pleased to complete the acquisition of Voortman, which brings in new clients, sectors and opportunities, enhancing our position as one of Europe's strongest structural steel groups, and positioning us for further growth in the region.

“Whilst there are signs of inflation easing, we remain mindful of the macroeconomic backdrop. However, given the group's performance to date and the strength of our orders books, we are confident of delivering further progress and a result for 2024 which is in line with our expectations."

The company expects significant pipeline opportunities in the UK and continental Europe in 2024 and also seeks to take advantage of the underlying demand for structural steel in India.