FORGEMASTERS ORDER BOOK AT HIGHEST SINCE 2012

Engineering giant Sheffield Forgemasters International has reported its largest order book since 2012.

The company has reported a 2018 order book value of £118m, its highest since £117m in 2012.

Forgemasters, which has been pursuing diverse global contracts since the 2015 oil and gas market crash erased 30 per cent of its workload, has credited UK and US defence orders, materials processing, and research and development projects orders as helping to support the order book.

It has also invested heavily in technology and skills to enable it to operate in a competitive worldwide market for large scale engineered components which have a high safety-critical requirement.

Dr Graham Honeyman CBE, chief executive at Sheffield Forgemasters, said: “We are very pleased to report that our order book has breached the 100 million pound mark for the first time in five years.

“This announcement follows a prolonged period of market austerity across all of our market sectors after the global recession started to take effect, which was further compounded by the collapse of oil and gas markets which closed off a key revenue stream almost overnight.

“The company still has a lot of work to do to secure new contracts and we have no intention of resting on these placed orders – we need to keep pushing forward and securing work in new markets.”

Source: Steve Farrell, Insider Media, 23rd April 2018