RCS - Severfield PLC - Progressive publishes new research

SeverfieldAnnouncement

21/11/2023 08:15

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RNS Number : 1307U  Severfield PLC  21 November 2023

 Guidance reiterated after H1 profits increase

 Severfield has reiterated its FY24E guidance after delivering a 17% increase
 in underlying PBT despite 'challenging' market conditions. We retain our
 profitability and cash flow estimates for FY24E and FY25E, with higher margin
 assumptions offsetting lower revenue projections. In our view, the long-term
 outlook continues to be underpinned by new markets, such as datacentres and
 nuclear work - plus a recent revival in London office work - with further
 growth likely from the group's expansion in the EU and India.

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