Severfield-Rowen set to hit full-year targets

British structural steel company Severfield-Rowen reported a lower first-half pre-tax profit, after the company’s performance was affected by a weak construction market in the UK.

By The Newsroom

Published 23rd Aug 2011, 10:07 BST

The Thirsk-based company said it would meet its full-year expectations.

British construction output rose by 0.5 per cent in the second quarter and year-on-year construction output fell by 1.6 per cent.

The company, which is supplying steel for the Shard London Bridge, cut its interim dividend by 70 per cent to 1.5p a share.

For the six months ended June 30, the underlying pre-tax profit was £3.4m, compared with £8.2m last year.

Revenue fell almost 4 per cent to £122m. Severfield’s order book stood at £249m, compared with £244m a year ago.

Separately, Severfield said Non-Executive Chairman Toby Hayward is stepping down.

Thirsk