Severfield-Rowen plc is pleased to announce that at its General Meeting held today, the resolution to change the Company’s name from ‘Severfield-Rowen plc’ to ‘Severfield plc’ was duly passed.
The Company’s TIDM (ticker symbol) “SFR” will remain unchanged, as do its ISIN number and SEDOL code. Dealings under the name “Severfield plc” are expected to commence at 08:00am on Monday 19 May.
Shareholdings are unaffected by the change of name and share certificates in the name of Severfield-Rowen plc should be retained, as they will remain valid for all purposes. New share certificates issued hereafter will bear the name Severfield plc.
The Board believes the name change simplifies and modernises the Company’s proposition across the full spectrum of its stakeholder universe and reflects the strength of the overall brand.
Full details of the voting results will be available on the Company’s website www.severfield.com.
Severfield-Rowen Plc, the market leading structural steel group, will announce its Final Results for the period ended 31 March 2014 on Tuesday 3 June 2014.
A briefing for analysts will be held at 9.00 a.m. on Tuesday 3 June at Bell Pottinger’s offices, Holborn Gate, 330 High Holborn, London, WC1V 7QD.
Severfield-Rowen plc (The “Group” of the “Company”)
Notice of Capital Markets Event:
Severfield-Rowen plc announces that it is today (25 April 2014) hosting a Capital Markets Event for analysts and investors at its Lostock facility in Bolton, which will include presentations from the Executive Management team and a tour of the operational facilities.
No material new information will be disclosed.
Presentation materials are available here.
Severfield-Rowen plc, the market leading structural steel group, announces the appointment of Alun Griffiths to the Board as a Non-executive Director with effect from 1 May 2014.
To whom it may concern, please download the Name Change Financial Circular here.
To whom it may concern, please download this Name Change Proxy Form document.
Interim Management Statement
Severfield-Rowen Plc, the market leading structural steel group, issues its Interim Management Statement covering the period to 13 February 2014.
The Group’s trading performance and financial position for the year continue to be in line with management expectations.
The UK order book of £172 million remains stable and at a level with which management is comfortable. The UK business is showing much greater stability following the completion of the reorganisation undertaken in the last calendar year. The operational improvement programme continues to make good progress, supporting management expectations that margins will continue to recover over the next two years even without any upturn in the UK market.
The UK market continues to show signs of improvement. This is particularly evident in the pipeline of potential orders the business is seeing, though it is likely to be well into the next financial year before this starts to have any notable impact on the size or mix of the order book.
JSW Severfield Structures Ltd (India)
The Indian market continues to be difficult and is likely to remain so at least until after the forthcoming elections in May 2014. In the meantime, the focus remains on strengthening the commercial focus of the business and managing costs tightly. The order book level of £32 million remains stable, but as highlighted previously, needs to be significantly higher to maintain break-even production levels in the factory.
The UK business continues to strengthen and perform in line with management’s expectations. While India remains challenging, senior management is focused on improving the situation both commercially and operationally. Overall, the Group is ideally positioned for recovery in the UK construction market, with its improving operations, good market share and strong balance sheet.
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.
• 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
Appointment of Group Legal Director
Severfield-Rowen, the market leading structural steel group, is pleased to announce the appointment of Mark Sanderson as its Group Legal Director with immediate effect.
Severfield-Rowen, the market-leading structural steel group, is pleased to announce the appointment of Ian Lawson as Chief Executive Officer with effect from 1 November 2013.
In line with the Company’s announcement of 23 January 2013, John Dodds, currently Executive Chairman, will resume the role of Non-Executive Chairman following Mr Lawson’s appointment.