Profits plunge at Severfield Rowen
Steel supplier Severfield Rowen has slashed its dividend in half after reporting a 74% drop in pre-tax profits.
Profits in the first six months plunged from £24.78m to £6.3m, prompting the company to cut its shareholder payout from 10p to 5p.
Chief executive Tom Haughey said the firm - which provides steel for London skyscraper The Shard - had expected the poor performance, due to the 'significant fall in UK demand for structural steelwork'.
But Severfield (down 8p to 202p) expects to gain market share in the coming year as weaker rivals collapse, while it hopes that contracts to provide steel for Heathrow Terminal 2 and a joint venture in India will drive growth.
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