£18m loss caused by Severfield bridge faults

£18m loss caused by Severfield bridge faults

The company has reported a large pre-tax loss after having to remediate several welding faults and other issues on a variety of bridge contracts Testing and remediation costs for the Severfield bridge faults amounted to around £43.4m, offset by £20m in insurance payouts, with an extra £9m in unrelated bridge-issue costs. Coupled with £35.6m in non-underlying costs in the year to March, the company has taken a severe blow this year. Some of the b…