Severfield-Rowan unveiled its 2010 yearly results today with profit cut from £45.1M to £12.0M and revenue down from £349M to £267M.
Severfield has warned that it originally expected 2010 to be the low point of the recession but with public spending cuts and rising steel costs this will extend throughout most of 2011.
“The results 2010 are very creditable in a year of severe trading conditions,” said Severfield-Rowen chief executive Tom Haughey. “The results were supported by the dramatic cost reductions implemented at the end of 2009, which are being followed by current initiatives to further reduce our costs.”
Haughey added that Severfield-Rowen’s market share had virtually doubled since 2007, although significant capacity was taken out of the industry.
Severfield-Rowen has been involved in many high-profile projects including The Shard, the Olympic Stadium, Blackfriars Bridge and key projects at Heathrow and Gatwick.
Haughey said the company are looking to grow in India, with its Indian joint venture company, JSW Severfield Structures, order book to £33M.