As anticipated, Severfield has announced a contract award on the new Google Headquarters in King's Cross, London. It 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. The Company has previously indicated that the work would be worth around £50m in the order book. Having recently upgraded our forecasts, we do not expect to make any further changes after this morning’s positive announcement. However, this clearly strengthens the order book in an end market (commercial offices) where there has been some uncertainty and also helps to underpin our FY’19 and FY’20 forecasts. The win once again demonstrates Severfield's market leading position with unrivalled design, fabrication and construction capabilities. Trading on an FY’18 P/E multiple of 11.3x and yielding 3.5%, we continue to believe that Severfield is attractively valued vs. peers.