Severfield - Momentum to be informed by order intake

A strong second-half performance in the UK (plus an acquisition) and good progress in India (including capacity expansion) were the FY20 trading highlights, although near-term COVID-19 sentiment is overshadowing these achievements. A decision on the FY20 final dividend is pending; we have assumed one is not declared and our estimates remain suspended. Severfield’s liquidity and order book positions suggest the company is well placed to service current business levels and compete for new work as opportunities arise.