Interim Results for Half-Year ended 30 September 2013

Interim Results for Half-Year ended September 2013

Solid Overall Result – UK Margin Recovering – Operational Improvements Continue

Severfield-Rowen Plc, the market leading structural steel group, announces its interim results for the 6 months to 30 September 2013.

Highlights

• Underlying* profit before tax of £1.4m (2012: £21.1m loss)
• UK underlying operating margin (before JVs and associates) recovery to 2.5% (2012: -17.1%)
• Share of losses from Indian joint venture of £1.3m (2012: £0.4m profit)
• Period end net cash position of £1.5m (31 March 2013: £41.2m net debt)
• Further restructuring of largest business, Severfield-Watson Structures, concluded successfully
• Operational improvement programme progressing well and continuing
• UK order book steady at £172m at 31 October (August 2013: £178m)
• India order book of £34m at 31 October (August 2013: £35m)
• New Chief Executive, Ian Lawson, appointed on 1 November 2013