The country’s second biggest constructional steelwork contractor William Hare Group is closing the gap on long-time rival Severfield after posting a bumper set of results for last year that saw turnover jump a third to £423m and pre-tax profit surge fivefold to £31m.

The performance contrasts sharply with Severfield’s latest figures, where revenue dipped 3% to £451m and the group was pushed into a near £18m pre-tax loss following costly bridge weld faults.

The steelwork group, which now employs 2,218 staff worldwide, credited its global footprint, sector diversification and a string of standout projects for driving growth and a margin uplift to 7.9% from 3.1% in 2023.

Improved trading saw cash at bank more than double to £71m.

These results predate the Bury-based specialist’s recent acquisition by entrepreneur Simon Orange in June.

Chief executive and chair Sue Hodgkiss said: “We are delighted to share another year of resilient performance and a robust balance sheet, both of which are testament to the hard work and commitment of our talented workforce.”

She warned that ongoing economic uncertainty and slower market conditions in 2025 may cause project delays, but stressed Hare’s order book remained well diversified.

The group continues to strengthen its position in energy and nuclear, having delivered steelwork packages for Hinkley Point C, while also carving out a leading role in low-carbon London projects.

In London, it recently completed its third reuse steel frame project at 30 Duke Street job in Piccadilly. This ranks as the UK’s largest reused steel frame which used 440t of reclaimed structural steel from a nearby donor building.