Severfield - Good, balanced UK trading, India orders growing
Severfield’s (SFR’s) AGM statement retained management’s existing guidance for FY19. The year has started well in the UK – a more even profit profile is anticipated overall – and confidence in the Indian JV’s outlook is supporting plans for further investment. Overall, it is a very solid update with a consistent message to investors. The recent ex-dividend share price move has increased the attraction of earnings-based valuation multiples.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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