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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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Generating summary...
| Date | 19 Jun 2024 |
| Time | 08:06:29 |
| Category | Miscellaneous |
| ID | 0240T |