Severfield - Developing in line with expectations

Well-flagged H119 results contained few surprises with a solid UK performance backed by gathering momentum in the Indian JV. Order book and margin development will continue to be tracked closely; management commentary on this and market developments have been consistently good and existing guidance is unchanged. We believe that Severfield’s well-financed, market-leading position will continue to be beneficial and steady growth in earnings and dividends is an attractive proposition for investors.