REG - Severfield PLC - AGM trading update

SeverfieldAnnouncement

Tue 07:00

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RNS Number : 5423X  Severfield PLC  02 September 2025

2 September 2025

Severfield plc

('the Company' or 'the Group')

AGM trading update - trading in line with expectations

 

Severfield plc, the market-leading structural steel group, announces the
following trading update, ahead of today's Annual General Meeting ('AGM').

 

Current trading and outlook

The market backdrop is unchanged from that described in the outlook statement
contained in the FY25 results which were announced on 24 July, and trading
since the start of the financial year has been as expected. In view of this,
our expectations for FY26 are also unchanged from those communicated at the
time of the release of the FY25 results, and we continue to anticipate that
the full year results for FY26 will be significantly more second half
weighted.

 

Following the recent amendment and extension of its £60m Revolving Credit
Facility ('RCF') until December 2027 and the ongoing focus on cash generation
and working capital control, the Group's financial position remains good.

 

UK and Europe

The UK and Europe order book at 1 September stood at £420m (1 July: £444m),
providing the Group with a good volume of future work, of which £330m is
scheduled for delivery over the next 12 months. The order book remains
well-diversified and contains a good mix of projects across the Group's key
market sectors including in Europe, with 19 per cent of the order book
representing projects in continental Europe and Ireland (1 July: 22 per cent).

 

India

India's construction sector, and the use of steel within construction,
continues to grow strongly. This position is evident in JSSL's record order
book at 1 September of £252m (1 July: £240m), which contains a strong mix of
higher margin commercial work of 85 per cent (1 July: 86 per cent).

 

Bridge remedial works programme

The bridge remedial works programme continues to progress in line with
expectations, with no material changes to the estimated costs recorded in the
FY25 results. The previously announced insurance recovery of £20m, agreed
with the Group's professional indemnity insurers, has now been fully received.

 

Half year results

The Group will announce its financial results for the six months ending 27
September 2025 on Tuesday 25 November 2025.

 

For further information, please contact:

 

Severfield
Charlie
Cornish
01845 577 896

Non-Executive Chairman

Adam
Semple
01845 577 896

Chief Financial Officer

 

Camarco
severfield@camarco.co.uk (mailto:severfield@camarco.co.uk)

Ginny Pulbrook
 
07961 315 138

Tom Huddart
 
07967 521 573

Jefferies International               Sam
Barnett
020 7029 8000

Panmure Liberum                     Nicholas How
 
020 3100 2000

 

Notes to AGM statement:

Except as otherwise stated '2025 and FY25' refers to the 52-week period ended
29 March 2025. '2026 and FY26' and '2027 and FY27' refer to the 52-week
periods ending 28 March 2026 and 27 March 2027, respectively. The Group's
accounts are made up to an appropriate weekend date around 31 March each year.

 

Notes to editors:

Severfield is the UK's market leader in the design, fabrication and
construction of structural steel, with a total capacity of c.150,000 tonnes of
steel per annum. The Group has seven sites, c.1,800 employees and expertise in
large, complex projects across a broad range of sectors. The Group also has an
established presence in the expanding Indian market through its joint venture
partnership with JSW Steel (India's largest steel producer).

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