A STEEL contractor has reiterated plans to double profits after a healthy order book paved the way for growth.

Severfield says a strong second half of the year has driven annual performance ahead of bosses’ expectations.

The company added the successes mean it remains on target to double profits by 2020.

Severfield’s previous yearly profits, after tax, came in at £8.6m.

The business has been helped by a deal to supply steelwork for Tottenham Hotspur’s new 61,000-seat stadium and a roof for Wimbledon’s No 1 Court.

Based at Dalton Airfield Industrial Estate, near Thirsk, North Yorkshire, from where it carries out the majority of its work, Severfield is also known for past high-profile contracts on Wimbledon’s Centre Court roof, as well as Heathrow Airport.

Revealing a trading update for the year to March 31, Alan Dunsmore, interim chief executive, said the company’s UK order book was solid at £267m, with its Indian venture, JSW Severfield Structures, delivering a stable £40m order book in spite of a contract cancellation.

He said: “The group’s performance for the year is now expected to be ahead of expectations.

“The UK order book remains solid and the pipeline of potential projects remains steady.

“JSW Severfield Structures is also stable, despite a commercial project in Kerala, originally awarded in December, which was cancelled following a change in prime contractor.

“With a good order book, continued strong operational performance and our ability to work across a wide range of sectors, the UK business is well-placed to deliver further growth towards our objective of doubling profits by 2020.”

Late last year, Severfield revealed its Indian odyssey had secured deals worth £29m, which included the delivery of a technology centre, near Delhi, and two industrial projects in the state of Maharashtra, which includes the capital Mumbai.

The company’s UK division previously supplied steelwork for London’s 2012 Olympic Games Stadium and The Shard skyscraper.

Mr Dunsmore, alongside nonexecutive chairman John Dodds, has taken charge of Severfield’s operations after chief executive Ian Lawson suffered health problems.