Progressive publish new research
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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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About Progressive:
| Broad coverage | Analyst calibre | |||
| across 12 sectors | ||||
| Business Services | Oil & Gas | 15 analysts | with average | 20 years |
| Financials | Property | experience of | ||
| Healthcare | Retail | |||
| Industrials | Technology | 30+ | techMARK | |
| Investment Trusts | Telecoms | industry based | Extel | |
| Mining | Utilities | awards | StarMine | |
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