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SeverfieldAnnouncement

19/06/2024 08:15

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RNS Number : 0240T  Severfield PLC  19 June 2024

 Profit and dividend 'beat' fuelled by Europe

 Severfield has delivered underlying profits and dividend for FY24 ahead of our
 expectations, along with lower-than-expected net debt, 'due to strong
 operational delivery' despite softer market conditions. The group expects a
 result for FY25E in line with its expectations. We are slightly ahead of
 consensus and conservatively trim our adjusted PBT by 4.8%, but introduce
 forecasts for FY26E with 11% adjusted PBT growth, driven by accelerating
 demand in the UK and Europe for data centres, battery plants and power.

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