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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.
At the Company’s Annual General Meeting held at 12 noon today, 11 September, all of the resolutions were passed on a show of hands.
Copies of all the resolutions passed have been submitted to the UK Listing Authority via the National Storage Mechanism and will shortly be available for review at http://www.hemscott.com/nsm.do.
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.
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).