Severfield (SFR) Trading Update summary

FY25 financial performance

• Underlying profit before tax for FY25 expected between £18m and £20m, aligning with previous guidance.

• Net debt at year-end was £44m, better than anticipated, with £30m in RCF drawings and £14m in term loans.

• Year-end facility headroom stands at approximately £30m.

Operational actions and cost management

• Group headcount to be reduced by around 6% through redundancies and non-recruitment.

• Enhanced focus on cash generation, including accelerated tax refunds and reduced capital expenditure.

• Ongoing cost reduction measures to address trading pressures.

Order book and market exposure

• UK and Europe order book at £440m as of 1 April, with £327m for delivery in the next 12 months.

• 20% of the order book represents projects in continental Europe and Ireland.

• Indian order book at a record £210m, with 79% in higher margin commercial work.