UK-based Severfield falls after reporting softer order book

Severfield

06/09/2023 09:21

** Shares of structural steel company Severfield  SFR.L 
down 4.1% at 65p; among top losers on London's small-caps index
 .FTSC 
    ** SFR says UK, Europe order book stands at 479 mln
stg($601.53 mln) at Sept. 1, down from June 1 order book of 510
mln stg
    ** Co's performance in first 5 months of year in line with
expectations; says 2024 also trading in line
    ** Co says current backdrop of persistent high inflation and
rising interest rates resulted in delays in conversion of
existing pipeline of opportunities
    ** Says clients wait for economic stability, together with
some lower tendering activity
    ** "Market conditions have become tougher. However,
Severfield is in a favourable spot" - Peel Hunt 
     ** As of last close, stocks are up 4.84% so far this year 

    
   


($1 = 0.7963 pounds)

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