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Equity Bottom-Up

<p>Severfield has overcome supply chain strains to deliver H2-weighted profitability in line with management’s expectations. Input cost inflation pass-through and order visibility cause us to raise our revenue expectations, leaving PBT and EPS estimates unchanged at this stage. Outlook confidence from orders on hand and pipeline comments is only latterly being reflected in share price performance.</p>

Severfield has overcome supply chain strains to deliver H2-weighted profitability in line with management’s expectations. Input cost inflation pass-through and order visibility cause us to raise our revenue expectations, leaving PBT and EPS estimates unchanged at this stage. Outlook confidence from orders on hand and pipeline comments is only latterly being reflected in share price performance.

Severfield - Strong H2 performance and order book growth

Severfield PLC

Severfield - Strong H2 performance and order book growth