Strong trading and a new record high for the order book for Britain’s leading structural steel specialist drove a 22% increase in adjusted interim PBT, slightly exceeding its previous guidance on the H1:H2 split. This underpins our FY2022E forecasts, which we are not changing at this point, while the 37% Y/Y increase in orders provides increased visibility through to FY2023E. The strong first-half performance was achieved despite supply chain and inflationary pressures in the UK, while the Indian JV returned to profitability amid clear signs of economic recovery from Covid.

23 Nov 2021
Small H1 ‘beat’ despite supply chain challenge

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Small H1 ‘beat’ despite supply chain challenge
Severfield Plc (SFR:LON) | 62.3 -0.6 (-1.6%) | Mkt Cap: 192.8m
- Published:
23 Nov 2021 -
Author:
Alastair Stewart -
Pages:
7 -
Strong trading and a new record high for the order book for Britain’s leading structural steel specialist drove a 22% increase in adjusted interim PBT, slightly exceeding its previous guidance on the H1:H2 split. This underpins our FY2022E forecasts, which we are not changing at this point, while the 37% Y/Y increase in orders provides increased visibility through to FY2023E. The strong first-half performance was achieved despite supply chain and inflationary pressures in the UK, while the Indian JV returned to profitability amid clear signs of economic recovery from Covid.