Severfield’s new management team has posted a confident AGM statement, continuing the momentum towards its ambitious target of quadrupling earnings medium term by focusing the structural steel group’s strategy towards higher margins and returns. Guidance for FY27 is unchanged, including underlying PBT of £12-15m, leaving our estimate of £13.0m looking increasingly conservative. We upgrade our FY28E forecast and introduce a FY29E estimate, continuing rapid growth towards its target, which we believe is based on a five-year horizon to around FY31E.