Severfield — First signs of encouraging news emerge

Severfield has confirmed that FY25 PBT is anticipated to be in line with management’s expectations and that year-end net debt was modestly better. Also, the UK and Europe order book has grown materially since 1 February. Furthermore, Severfield’s professional indemnity insurers have accepted coverage with regard to the bridge remediation works programme and have indicated that an initial payment is possible as early as mid-June. The company confirmed FY26 profit expectations and indicated that FY27 was beginning to look more encouraging as some large opportunities are already emerging.