Research on Severfield Plc (SFR:LON) from Edison
Severfield reported FY26 revenue up 1% y-o-y to £454.3m and underlying PBT down to £10.5m (FY25: £18.1m), in line with expectations. Underlying operating margin before joint ventures (JVs) fell to 2.8% from 4.8%, reflecting competitive pricing, delayed awards and weaker UK and European project mix.
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