Severfield-Rowen plans to increase UK market share

Revenue decreased by 44.9m to 349.4m during 2009, and underlying profit before tax fell to 49.8m from 52.5m.

Tom Haughey, the company's chief executive, said: "The company is pleased with its results for 2009 which were achieved despite a very difficult UK construction climate, producing good levels of profitability and, importantly, debt reduction. The company has a relatively strong order book for 2010.

"General trading conditions remain poor, with pressure from reduced UK demand and lower pricing in all markets. The very creditable margin performance in 2009 will, as previously stated, be unsustainable in 2010."

Mr Haughey said the company maintained its view that 2010 will be the low point for structural steel demand in the UK and demand will grow slowly in 2011.

He added: "We remain vigilant and will maintain our focus on costs, capacity deployment and client satisfaction in our efforts to enhance our increased UK market share.

"In the Middle Eastern markets we have established a good presence and network which has aided our first major award in Abu Dhabi."

Prices have recently fallen and the Severfield-Rowen will be "very selective" in export markets for the remainder of 2010.

Mr Haughey added: "The company will, in the main, look to fulfil its ambitions via higher UK market share."