Severfield - Improved Q2 trading pattern continues

Site activity regaining pre-lockdown levels and a maintained UK/Europe order book were the key operational messages in Severfield’s AGM update. Market conditions mean that recovery within the Indian JV has been more constrained. The payment of an unchanged 1.8p final dividend for FY20 (as announced on 30 July) was approved and management stated that it is cautiously optimistic regarding the FY21 outlook. We plan to reinstate estimates with the H121 results expected in November.