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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Severfield (SFR) investor relations material
Severfield H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary2 Dec, 2025
Executive summary
Revenue declined to £206.0m in H1 FY26 from £252.3m in H1 FY25, reflecting lower volumes and subdued demand in UK and Europe.
Underlying profit before tax dropped to £0.6m from £16.1m year-over-year, with statutory loss before tax at £7.6m.
New executive management team and Strategy & Transformation Director appointed, focusing on strategy, delivery, and efficiency.
Net debt (pre-IFRS 16) improved to £21.7m, supported by strong cash generation and £20m insurance proceeds.
Order book remains strong at £429m as of November 2025, with a record £286m in India and new production facilities expected operational in FY26.
Financial highlights
Revenue down 18% year-over-year to £206.0m; underlying operating profit fell 87%.
Statutory operating loss of £5.9m (H1 2025: £4.6m); underlying basic EPS: 0.2p; basic loss per share: 1.9p.
Net debt reduced to £21.7m from £43.1m at March 2025, aided by insurance proceeds.
Half-year liquidity headroom of £52m; net debt of £22m.
Suspension of interim dividend to preserve liquidity and financial flexibility.
Outlook and guidance
FY26 management expectations unchanged; good H2 revenue visibility from £429m order book.
Well positioned for large-scale projects in FY27 and beyond, especially in energy and infrastructure.
Expansion in India progressing, with new production facilities expected operational in H2 FY26.
UK/Europe market remains subdued but tendering activity is improving, especially in data centres and distribution.
Focus on cost reduction, cash conservation, and operational efficiency.
What is the range of bridge-related financial outcomes?
What conditions would prompt JSSL option use?
What drives confidence in unchanged FY26 outlook?
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Frequently asked questions
Severfield plc engages in the designing, manufacturing, fabrication and erection of steelwork activities in the United Kingdom, Republic of Ireland, Mainland Europe and India. It manufactures metal decking products; plate girder sections, rectangular and/or circular apertures; optimal section profiles; intumescent coating products. The company also provides steel framed modular equipment rooms and housing; steelworks including the main structure mezzanines stairs balustrade platforms staircase fabrication composite non-composite plain cellular beams offload edge protection systems; constructional steel products:
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