The outlook looks far from rosy for structural steel group Severfield (SFR) after it delivered another profit warning (3 March) sending its shares down 44% to 26.5p.

In a trading update for the full year ending 29 March, the company said market conditions showed no signs of improvement since it last reported in November and some clients had canceled or delayed projects.

The company is known for working on high-profile London sporting projects such as the expansion of Lord’s cricket ground and the Tottenham Hotspur football stadium.

‘Client decision-making continues to be deferred, and projects are not being awarded or progressing within normal timescales, consistent with the current lower level of business confidence in the UK economy as a whole,’ said the company.

Severfield also canceled the £10 million share buyback programme announced last April as it looks to conserve cash through difficult times.

On the positive side, the structural steel group said it had secured some attractive large projects for full year 2027.

The company added it saw opportunities in data centres, industrial manufacturing and commercial offices, and that its future and medium-term growth targets remained unchanged.

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