Interim Management Statement
Severfield-Rowen Plc, the market leading structural steel group, issues this Interim Management Statement covering the period to 15 August 2013.
The Group’s overall trading performance for the year to date remains in line with management expectations. The Group’s borrowings are also in line with expectations following the completion of the Rights Issue in April.
The reorganisation of the Group’s Severfield-Watson Structures business is now substantially complete. The Group has successfully achieved the anticipated savings and made good progress with the associated operational improvement programme.
The UK order book of £178m is slightly lower than that previously reported, but it remains at a level that management is comfortable with, given the current state of the UK market, the capacity reductions being implemented within the business, and the Group’s more selective approach to securing work. There are early signs that the market may be marginally improving into 2014.
JSW Severfield Structures Ltd (India)
The primary focus in India continues to be on the commercial development of the business and conversion of the market from concrete to steel. While progress is encouraging, the order book level of £34.8m is not yet sufficient to maintain production at a break-even level. The factory expansion is almost complete and the increased capability will play an important role in the continuing business development process.
While short term challenges remain, the Group is making encouraging progress with its operational improvements, supported by a strong balance sheet, and is maintaining its market position. Management is confident that the Group is progressing in line with its expectations and will be well placed to benefit from any recovery in the UK construction market.
Severfield-Rowen Plc (the “Company”) announces that it has published its Annual Report and Accounts for the period ended 31 March 2013.
The document is accessible via the Severfield company reports page. Hard copies of the Annual Report and Notice of Annual General Meeting 2013 will be posted to shareholders on Friday 2 August 2013.
Severfield-Rowen Plc (“Severfield-Rowen” or “the Company”) is pleased to announce that Ian Cochrane has been appointed Chief Operating Officer with effect from 5 June 2013. Ian will also join the Board as an executive director.
He will be replacing Peter Emerson who, as previously announced on 8 January 2013, will be retiring from the Company on 5 June 2013.
040613 Notice of Board appointment.
Severfield-Rowen Plc, the market-leading structural steel group, today announces its unaudited Preliminary Results for the 15 month period ended 31 March 2013.
• Rights Issue completed successfully on 5 April 2013 raising £44.8m of new funds (net of expenses)
• Revised revolving credit facility of £35m effective from completion of Rights Issue
• UK business reorganisation and operational improvements continuing under new Group leadership
• Underlying loss before tax of £21.5m (2011: £10.1m profit)
• Share of losses from Indian joint venture £0.3m (2011: £2.5m)
• Basic earnings per share of -25.91p (2011: 6.52p)
• No final dividend recommended (first interim dividend 1.50p)
• Period end net debt of £41.2m (31 December 2011: £31.3m)
• Solid UK order book of £197m (31 December 2012: £209m)
• Current JSSL (India) order book value £29m (31 December 2012: £29m)
Download the 2012 Full Year Results (4 June 2013).
The Board of Directors of Severfield-Rowen announces that the ordinary resolution authorising the Directors to allot New Ordinary Shares pursuant to the Rights Issue (the “Resolution”) proposed at today’s General Meeting was passed on a show of hands.
Press Release and Prospectus
The Board of Severfield-Rowen PLC (“Severfield-Rowen”, the “Company” or the “Group”) today announces a proposed fully underwritten Rights Issue (the “Rights Issue”) to raise gross proceeds of approximately £47.9 million (approximately £44.8 million net of expenses).
Rights Issue 270213
SFR Prospectus 2013
Stabilisation of UK Business; £47.9m Rights Issue; First Profit Contribution from Indian Joint Venture
Severfield-Rowen Plc, the market leading structural steel group, announces its interim results for the 12 months to 31 December 2012.
Download the 2012 December Interim Report.
Severfield-Rowen Plc (the “Group”), the UK market leading structural steel group, issues this further update on its trading position and the findings of the Board’s review of the Group’s contract base, referred to in the announcement on 23 January 2013.
The Board’s review (the “Review”) addressed 70 of the Group’s contracts representing c. 90% of the Group’s contracts by value, with a particular focus on the larger and more complex projects.
The Review involved all key management responsible for the execution and performance of each contract.
Detailed financial information on each contract was analysed, including revenue and cost position to date, forecasts to completion and the underlying progress of that contract.
The inherent complexity and risk of each contract was also considered in determining the final financial outcome.
Recently won contracts, at the initial stages of execution, have been subject to additional scrutiny, involving cross Group peer reviews.
Trading Update 190213