14 December 2017

Severfield plc ("Severfield")

Awarded landmark contract for Google's UK headquarters

Severfield plc, the UK's market leading structural steel group, confirms that it has been awarded a landmark contract on the recently announced new Google Headquarters in King's Cross, London. Severfield will provide 15,900 tonnes of structural steelwork services for the new 11-storey building with the work scheduled to commence on site in June 2018.

Alan Dunsmore, Acting Chief Executive Officer, Severfield plc, commented:

"We are delighted to announce that Severfield has been awarded this Google contract and are looking forward to working with Lendlease on such a high profile, iconic development at King's Cross.

This contract win adds to our recently announced strong order book of £245m and supports Severfield's position as the market leader with unrivaled design, fabrication and construction capabilities.

The Group has already worked on a number of key buildings in the King's Cross area, including 3 and 4 Pancras Square, King's Cross R1 and S2, and the new retail quarter Coal Drops Yard, which is currently under construction."

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Legal Entity Identifier of the Company:  21380025AWPR781CY104

Classification: 3.1

Notes to Editors:

Severfield is the UK's market leader in the design, fabrication and construction of structural steel, with a total capacity of c.150,000 tonnes of steel p.a., which represents c. 17% of UK structural steel production.

The Group has four UK sites, 1,400 staff and has expertise in large, complex projects across a broad range of end markets. The Group also has an established foothold in the developing Indian market through its joint venture partnership with JSW Steel (India's largest steel producer).

The Severfield management team has successfully undertaken an operational turnaround plan since 2013 and in 2016 set out key KPIs which they plan to deliver by 2020: to double profit before tax to £26m, and to deliver cash generation of over 85% as a base level of achievement.