Outlook: Well positioned in improving markets
A recent in-line AGM statement and signs of improving sector demand both support expectations of further progress from Severfield. Order book levels and mix will be an important indicator of near term prospects but we believe that delivery of better margin on a rising revenue trend over the course of FY16 will bring mid-cycle prospects more into view. For now, the company rating reflects a still relatively early-stage earnings recovery.Severfield is a structural steelwork company, engaged in construction contracts business. Co. serves the construction and infrastructure markets, which cover a range of clients from contractors and developers, to engineers and architects. Co.'s construction sectors consist of commercial offices, Industrial and distribution, stadia and leisure, retail, and data centers and other. Co.'s infrastructure sectors consist of transport, power and energy, and health and education. Co. manages the fabrication and construction process, from initial scheme design, through detailing, specification and manufacture to the eventual handover to clients.
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