This is a quality stock.
Just starting a thread - I'll post more very shortly.

K******

Jefferies International Buy 56.50 56.50 58.00 66.00 Upgrades

Legal & General Group > 5%

Interim Management Statement

Current trading

The Group's performance and underlying financial position are satisfactory and together with a solid order book the Group remains on track for this financial year. The Group has also benefited from the sale of its investment property in June for £3.9m, which was in line with book value.

UK

The UK order book of £171m remains solid and the business continues to show improved stability following the reorganisation in the last financial year. Management's view of the market is unchanged, with continuing signs of improvement, but it remains likely to be later in the financial year before there is any notable impact on the size or mix of the order book.

JSW Severfield Structures Ltd (India)

The business is showing the intended improvement in operational performance for the year to date, with cost savings and improvements in production output both being evident. The order book stands at £34m. The business development programme and improving the conversion of opportunities still remain priorities.

Outlook

The UK business continues to progress well and India is showing encouraging operational improvements with market development remaining an area of high focus. Overall, the Group continues to be ideally positioned for recovery in the UK construction market with its good market position and strong balance sheet.

Annual General Meeting Statement

At today's Annual General Meeting of Severfield plc, to be held at noon at the Aldwark Manor Hotel, YO61 1UF, Chairman John Dodds will make the following statement:

This year Severfield has continued its progress as the UK's market leading steel fabricator, moving further towards the Group vision of being leaders in structural steel, creating a legacy for future generations through world class engineering and design excellence.

During the last year Severfield has delivered substantial operational improvements across the Group and the stabilisation programme is ongoing. Market development in India remains an area of high focus, and the Group is well positioned for the recovery of the UK construction sector, with its market leading position and robust balance sheet. The Group has momentum in delivering against its strategic objectives, with significant prospects for operating margin growth, profit growth, increased revenue and positive cash flow going forward.

Ends

A presentation will be provided for shareholders at the AGM and will then be available on the company website www.severfield.com The presentation contains no previously unpublished information that could be considered price sensitive.

Severfield plc, the market leader in structural steel, will announce its Interim Results for the period ended 30 September 2014 on 25 November 2014.

A briefing for analysts will be held at 9.00 a.m. on 25 November at Bell Pottinger's offices, Holborn Gate, 330 High Holborn, London, WC1V 7QD.

Hmmm - 122 Leadenhall Street

Bolt falls off Cheesegrater building in the City of London

Interim Results

Highlights

§ Underlying* profit before tax of £3.0m (2013: £1.4m)
§ Improvement in UK underlying* operating margin to 3.7% (2013: 2.5%), in line with expectations
§ Continued focus on UK operational improvement programme, reflected in increased margin
§ Share of losses from Indian joint venture of £0.3m (2013: £1.3m loss) reflecting good production levels and the benefits of the ongoing operational improvement plan
§ Strong first half cash performance, with period-end net funds of £7.3m (31 March 2014: £0.3m)
§ UK order book of £185m at 1 November 2014 (1 May 2014: £168m), reflecting strong order intake and increase in general market activity
§ Over 70 projects undertaken during the period in key market sectors:
- Infrastructure: rail, transport and bridges; and
- Commercial property: office developments, stadia, warehouses and distribution centres
§ India order book of £38m at 1 November 2014 (1 May 2014: £41m)
§ Successful completion of new £25m revolving credit facility until July 2019

Contract Wins

SEVERFIELD SECURES CONTRACT WINS WORTH £43 MILLION, INCLUDING ANFIELD STADIUM DEVELOPMENT

Severfield plc, the market leading structural steel group, announces that its operational momentum continues by winning six new contracts, worth £43 million.

Contract highlights

· Appointment as the steelwork contractor for the expansion of Liverpool Football Club's Main Stand and associated improvements, supporting Carillion Plc;
o Work on the project, which will add c. 8,500 seats to the Main Stand and increase the overall capacity of Anfield Stadium to c. 54,000, and is scheduled for completion in Q3 2016

· Five other contracts including:
o 3 commercial office developments in London;
o A major distribution centre in the Midlands; and
o A waste-to-energy plant in Dublin

Update on Leadenhall Building and Current Trading

Severfield plc, the market leading structural steel group, announces an update on developments at the Leadenhall Building and its overall trading performance.

Leadenhall Building

The Group has incurred almost £1m of costs to date relating to a programme of bolt replacement works at the Leadenhall Building, a contract that was completed by the Group in 2013. This programme is being undertaken in conjunction with British Land, Laing O'Rourke and Arup and is likely to continue until the end of the calendar year.

Whilst these works progress, all parties continue discussions to agree where the liability for the costs of the programme should rest. The Group's costs are being regarded as exceptional and will not impact our underlying operating profit for the current year.

Current trading

The Group's overall trading performance continues to be in line with management expectations. Its financial position remains satisfactory and net funds are expected to remain positive at the year end.

UK

The Group's current year focus has been on both operational and margin improvements, rather than revenue, and continues to deliver in line with expectations. The UK order book of £194m has strengthened further in recent months and provides a solid platform for a return to revenue growth in the next financial year.

JSW Severfield Structures Ltd (India)

The Indian business has continued to perform well in the second half of the year and volume throughput in the factory coupled with better operational performance is enabling it to operate around break-even level. The order book of £39m remains solid although the short term pipeline of potential new orders has softened recently, reflecting more caution in the immediate economic outlook in India.

Notice of Capital Markets Event

Severfield plc, the market leading structural steel group, announces that it is today hosting a Capital Markets Event for analysts and investors in London. A site visit to showcase the Group's current work at the Nova, Victoria development will be undertaken. There will also be a presentation by Severfield client, Mace, given by Mace Chief Executive Mark Reynolds, as well as presentations, chaired by Ian Lawson, Chief Executive Officer, which will illustrate Severfield's differentiated position within its market, key sectors of focus for the Group and its approach to the complexities of its design and build projects.

The Company will not be providing any new material information.

Presentation materials will be available on the Company's website (http://www.severfield.com/) following the event.

Notice of Final Results

Severfield plc, the market leading structural steel group, will announce its Final Results for the period ended 31 March 2015 on Wednesday 17 June 2015.

A briefing for analysts will be held at 9.00 a.m. on Wednesday 17 June at Bell Pottinger's offices, 6th Floor Holborn Gate, 26 Southampton Buildings, WC2A 1AH

A bit of life here.

Final Results

Highlights

§ Underlying* profit before tax of £8.3m (2014: £4.0m)
§ Improvement in UK underlying* operating margin to 4.5% (2014: 3.3%), in line with expectations
§ Improved tendering disciplines and operational processes, reflected in increased margin
§ Over 110 projects undertaken during the year in key market sectors:
- Core construction: office developments, stadia, warehouses and distribution centres; and
- Core infrastructure: transport
§ Share of losses from Indian joint venture of £0.2m (2014: £3.0m) reflecting higher production levels and operational improvements
§ Non-underlying charge of £6.0m for cost of Leadenhall remedial works programme
§ Strong cash performance, with year-end net funds of £6.4m (2014: £0.3m)
§ UK order book of £194m at 1 June 2015 (1 November 2014: £185m), reflecting improving market position
§ India order book of £38m at 1 June 2015 (1 November 2014: £38m)
§ Successful completion of new £25m revolving credit facility until July 2019
§ Reintroduction of proposed final dividend of 0.5p per share

I like these. Bought some yesterday on the pullback from the high and bought some more this morning after the results.

Very comfortable being overweight long in the construction sector at the moment

AGM Trading Update

Current trading

The Group's trading performance and financial position is in line with management expectations.

UK

The UK order book of £188m remains strong with the London Commercial markets and Large Industrial Distribution Centres in particular continuing to provide opportunities, which supports revenue growth in the current financial year. Operating margins are continuing to improve as benefits from the ongoing operational improvement programme continue to be realised.

JSW Severfield Structures Ltd (India)

The Indian business continues to perform satisfactorily in what remains a sluggish market. The order book of £36m remains steady and there are some interesting commercial opportunities in the pipeline, although the overall economic situation has not improved in recent months.

Outlook

The UK business continues to progress well in a steadily improving environment with both revenue growth and margin improvement in evidence. The Indian business remains steady and is generating good opportunities in what remains a slow market. Overall the Group is on track to progress as expected over the remainder of the financial year.

StockMarketWire.com
Severfield said its FY trading performance and financial position continue to be in line with management expectations.

"The UK business continues its good progress in a relatively stable environment and the current order book will enable continued growth in both revenue and margins," the company said.

"The Indian business remains steady despite a mixed economic backdrop. Overall, the group is on track to meet management expectations for the year," it said in a statement.

UK OPERATIONS
The UK order book of £246m (1 November 2015: £185m) reflects some significant recent contract awards from our pipeline of opportunities. Operating margin improvement is also continuing in line with management expectations, primarily from the internal efficiency benefits arising from the Group's operational improvement programme.

The market continues to present a good level of opportunities although as indicated in November's interim results, slippage in potential timescales still remains a risk as clients scrutinise forecast overall project costs with caution.

JSW SEVERFIELD STRUCTURES LTD (INDIA)
The Indian market environment remains somewhat challenging but the business continues to perform satisfactorily in this climate. The order book of £39m (1 November 2015: £35m) is stable and while production volumes remain steady, the opportunity for margin improvement in the current climate is limited.

33% increase in the order book and an improvement in margins set against a sector which is really struggling yet the price has barely ticked up this morning.

I had hoped for a better response from the market

StockMarketWire.com
Severfield has swung to a FY pretax profit of £9.6m, from a year-ago loss of £191,000, as revenue firmed appreciably to £239.4m, from £201.5m.

The structural steel group proposed a final dividend of 1p a share, taking the total to 1.5p, which Severfield said reflected its current performance and confidence in future prospects.

"Our increased profitability is as a result of our focus on operational improvements and efficiencies over the last three years," said CEO Ian Lawson.

"With the strength of the platform from which the group now operates and the opportunity for further margin improvement, our target is now to double our underlying profit before tax over the next four years," he added in a statement.

"With the current UK order book at its highest level for over six years and a continued stable market environment, the Group is well placed to continue delivering against its near-term financial targets whilst continuing to build for the longer term.

"Overall the outlook remains encouragingly positive."

StockMarketWire.com
Severfield, a structural steel group, has been awarded a contract on the new Google headquarters in King's Cross, London.

Severfield will provide 15,900 tonnes of structural steelwork services for the new 11-storey building with the work scheduled to commence on site in June 2018.

Alan Dunsmore, acting chief executive officer, Severfield plc, said: "This contract win adds to our recently announced strong order book of £245m and supports Severfield's position as the market leader with unrivalled design, fabrication and construction capabilities."

StockMarketWire.com
Structural steel specialist Severfield said its UK order book had fallen in value since June, though its Indian order book had grown.

The UK order book at 1 September was £210m, compared to £237m on 1 June, but remained in line with normal order book levels, the company said.

'The order book reflects a higher proportion of smaller projects, particularly in the industrial and distribution sector, which typically have shorter lead times,' it added.

'Our pipeline of potential future orders has remained stable with a good balance of work across all key market sectors.'

In India, the order book at 1 September was worth 128m, up from £106m at 1 June.

The company said the strong Indian performance had prompted it to agree to a factory capacity expansion with its joint venture partner there.

The expansion would be financed by a combination of equity of around £8m, provided in equal cash amounts of £4m by the group and partner JSW, and debt of around £8m, provided directly by Indian lenders.

'The group's trading performance and financial position remains in line with management expectations and the outlook for the year ending 31 March 2019 remains unchanged,' Severfield said.

'Following the higher profit from certain project completions in first half of the prior year, we expect the profits in the first and second half of the current year to be more equally weighted.'