UK's Severfield falls after decline in HY revenue

Severfield

21/11/2023 08:46

** Shares of UK-based structural steel company Severfield
 SFR.L  down 6.1% at 63.16p; top loser on London's small-cap
index  .FTSC 
    ** Co logs 8% decline in HY revenue to 215.3 mln stg
($268.29 mln), reflecting a decrease in revenue from its core
construction operations
    ** Adds, current market conditions remain a challenge for
business, with some ongoing delays in conversion of existing
pipeline of opportunities as clients await economic stability 
    **  "While there are near-term macro headwinds, Severfield's
breadth/strong market positions continue to serve them well" -
Jefferies 
    ** As of last close, stock up 4.8% YTD





($1 = 0.8025 pounds)

 (Reporting by Zainab Saifuddin Saifee in Bengaluru)
 ((Zainab.SaifuddinSaifee@thomsonreuters.com; +91 8766460080;))