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Equity Bottom-Up

<p>Severfield’s closing FY18 update reiterated latest guidance and management’s confidence in attaining its FY20 PBT target of £26m. As previously noted, sector diversity is allowing the company to focus resources on relatively better areas and sustaining a stable UK order book position. Our estimates are unchanged and FY18 results are scheduled for 20 June 2018.</p>

Severfield’s closing FY18 update reiterated latest guidance and management’s confidence in attaining its FY20 PBT target of £26m. As previously noted, sector diversity is allowing the company to focus resources on relatively better areas and sustaining a stable UK order book position. Our estimates are unchanged and FY18 results are scheduled for 20 June 2018.

Severfield PLC

Severfield - On track