Severfield (#SFR) – FY adj. EPS down to 2.7p, this year relying on later in the year “several larger and higher-value projects are expected to commence”

Severfield (#SFR) – “new three-year banking facility agreement… improved commercial terms”

Severfield (#SFR) – ‘Full Year Trading Update’, notes “current tight pricing environment, macroeconomic conditions, and current geopolitical uncertainty”

Severfield (#SFR) – H1 increased loss, notes ongoing “review of our markets, operations and organisational structure”

Severfield (#SFR) – new CEO Paul McNerney to join on 3rd November, interims now scheduled for 2nd December

Severfield (#SFR) – AGM trading update, continues to anticipate FY “will be significantly more second half weighted”. Hmmm

Severfield (#SFR) – appointment of Paul McNerney as CEO, to take up the role “in the Autumn”

Severfield – emphasises current year outlook “unchanged”, but why does the expectations detail dare not speak its name?…

Describing itself as a “market leading structural steel group”, Severfield (SFR) has issued a “Pre-close trading update” including that it expects its year ended 29th March 2025 “underlying profit before tax to be in the range of £18m-£20m, in line with our expectations… Net debt (pre-IFRS 16 basis) at 29 March was £44m, which is better than expectations… providing year-end facility headroom of c.£30m” and that its “expectations for FY26 are unchanged from those communicated at the time of the trading update on 3 March… with confidence that the group will deliver attractive shareholder returns in the future and our medium term growth targets remain unchanged”. However, how creditable such performance against expectations is, of course, depends on how demanding the expectations are, and talk of “shareholder returns in the future” and the “medium term” tends to mean the near-term outlook isn’t good.

Severfield (#SFR) – trading “in line” with previously-lowered expectations, market backdrop “remains challenging”

Severfield – having been conducting a share buyback programme… now ANOTHER profit warning with increased net debt!

Most recently on structural steel company Severfield (SFR), in November with the shares falling to below 55p I wrote ‘from “market conditions are showing signs of improvement” to a ‘market conditions’ profit warning in less than four months, and worse’ – concluding operational and a trading visibility avoid/sell. The shares most recently closed at 47.7p and today a “Trading Update”… and what of the shares currently further down at below 30p?!

Severfield (#SFR) – client decision-making delays profit warning

Severfield – from “market conditions are showing signs of improvement” to a ‘market conditions’ profit warning in less than four months, and worse!…

Structural steel company Severfield (SFR) has announced results for its half-year ended 28th September 2024 headlined “Revenue and underlying profit growth, diversified order books, challenging market backdrop but remain well-positioned in markets with positive long-term growth trends”. So why a current share price response to below 55p, down more than 38%?!

Severfield (#SFR) – trading as expected, “remains on track to deliver a result for 2025 which is in line with its expectations”

Severfield (#SFR) – expects FY “slightly ahead of expectations”, “seeing an improvement in market conditions”

Severfield – interims, a “continue to expect to deliver further progress” Buy

Structural steel company Severfield (SFR) has announced results for its half-year ended 23rd September 2023 and that it continues to expect to deliver further progress and a full-year performance in line with expectations. That also suggests continuing good value from current share price levels of just below 65p, an approx. £200 million market capitalisation.

Severfield (#SFR) – H1 adj. EPS +7% to 3.5p, DPS +8% to 1.4p, expects FY in line with expectations

Severfield – positive full-year results, still a growth and value Buy

Structural steel company Severfield (SFR) has announced its results for a year ended 25th March 2023 that it describes as “very successful” and that, given its performance to-date and the strength of its order books, it is confident of delivering further progress.

Severfield (#SFR) – H2 “strong”, “look to the future with confidence”

Severfield – agreement to acquire Voortman Steel, Buy

Structural steel company Severfield (SFR) has announced an agreement to acquire Voortman Steel Construction for a net €24 million, emphasising it will provide it with further market and geographical diversification and is anticipated to be earnings-enhancing in its first full year of ownership.

Severfield (#SFR) – performance “strong”, continues to expect to deliver further progress