Severfield has delivered a 16% rise in underlying operating profits in its first-half results to 28 September, but has pointed to ‘challenging’ markets: ‘A previously anticipated recovery in some sectors has been slower than expected and tighter prices are continuing to impact profitability in the short-term’. Additionally, there is a non-underlying cost of £20m for bridge remedial works, which could be mitigated by insurance. We continue to believe in long-term trends supported by green energy transition, but cut adjusted PBT estimates for FY25E and FY26E by 25% and 27%, respectively.
Severfield: Progressive
Nov 26, 2024Disclaimer & Declaration of Interest
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