Research on Severfield Plc (SFR:LON)  from Progressive Equity Research

Severfield’s FY26 results to 28 March slightly beat our estimate for underlying PBT despite ‘challenging’ markets, after a strong second half at group level and evidence of the Indian JV living up to its longterm growth potential. We are not changing our FY27E estimates and introduce FY28E forecasts, which anticipate further growth in profits and falling leverage. The new management team has unveiled its new returns-based strategy.

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