Business
Full Year Trading Update
Severfield plc expects its full year underlying profit before tax for FY26 to be in line with market expectations of £10.2m, with net debt anticipated to be around £28m, significantly lower than the £48.5m consensus. The UK and Europe order book stands at £438m, providing good visibility, though some project start dates have been delayed to late FY27. In contrast, India boasts a record order book of £331m with strong momentum and expansion progressing as planned. For FY27, the company forecasts underlying profit before tax between £12m and £15m, reflecting a cautious outlook due to macroeconomic conditions, geopolitical uncertainty, and delayed project starts. A review of the business is nearing completion, with early changes including the discontinuation of the non-core Modular Solutions business. Disclaimer*
About this update from Severfield Plc
31 March 2026 Severfield plc ('Severfield', 'the Company' or 'the Group') Full Year Trading Update Severfield plc, the market-leading structural steel group, provides a trading update ahead of its full year results for the year ended 28 March 2026 ("FY26"). Highlights • FY26 underlying profit before tax expected to be in line with current market expectations of £10.2m • Disciplined cash management during the period providing good liquidity headroom with net debt expected to be ~£28m, lower than current market expectations (Company compiled market consensus: £48.5m), providing year end facility headroom of c.£39m • UK and Europe order book of £438m provides good visibility, comprising a mix of near-term projects and larger anchor projects, although current subdued market conditions have seen delays in some start dates to late FY27 • Record Indian order book of £331m demonstrates continued strong momentum, with record output in FY26 and expansion at the new Gujarat facility progressing to plan • The Board's expectations for FY27 are for underlying profit before tax to be in the range of £12m-£15m, reflecting a cautious view of the year ahead based on later project start dates, the current tight pricing environment, macroeconomic conditions, and current geopolitical uncertainty • New management's review of the business has continued to progress well, with the implementation of early changes, such as the previously announced discontinuation of the non-core Modular Solutions business. The review will be concluded ahead of the year end results announcement in June 2026, when management expects to provide an update. Secured workload The UK and Europe order book stands at £438m at 1 March (1 January 2026: £479m), of which £338m (1 January 2026: £358m) is for delivery over the next 12 months. The order book remains well diversified, with a good mix of projects across the Group's key market sectors, with 34% relating to projects in continental Europe and Ireland (1 January 2026: 33%). The Indian order book stands at £331m at 1 March (1 November 2025: £286m), 72% of which represents higher-margin commercial work (1 November 2025: 80%). Momentum in India continues to strengthen, with JSSL delivering a record output of approximately 125k tonnes during the year. ...