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Severfield-Rowen steels success

Finance

YORKSHIRE-BASED structural group Severfield-Rowen last week reported a near halving in pre-tax profits, although margins and returns at its core fabrication business have improved.

The group unveiled pre-tax profits of £5.9 million for the year ending December, down from £11.9 million last time, after an exceptional charge of £2.9 million on the sale of Manabo, a loss-making subsidiary.

But profits at the core structural steelwork business exceeded expectations and only dipped to£9.8 million from £11.6 million.

Chairman Peter Levine said the results reflected a creditable performance in what was a difficult year for the structural steel sector. Severfield- Rowen had a record order book of £70 million, strong cash balances and had expanded its production capabilities.