Severfield-Rowen profits spiral as cuts hit hard
Yorkshire-based steel group Severfield-Rowen blamed a weak UK economy and austerity cuts for a steep fall in its profits and a halving of its dividend.
New icon: Severfield-Rowen supplied steel for the sculpture by artist Anish Kapoor for the 2012 Olympics,
Chief executive Tom Haughey said the results were still 'creditable' in the circumstances.
The company (up 19p at 251p), which supplied steel for the 115m spiral sculpture by Turner prize winning artist Anish Kapoor to commemorate the 2012 Olympics, reported full-year profits of £15.3m, down from £50.8m. The divi was slashed to 7.5p from 15p a share.
Haughey said he expects this year to be 'very tough' with some recovery in 2012 but no return to peak levels before 2015 at the earliest.
Severfield employs 1,200 in the UK at two plants in Yorkshire, one in Bolton, Lancs and one in Enniskillen, Northern Ireland.
It is dependent on the UK for most of its business but has embarked on a joint venture project in India and is also hoping to boost sales in the Middle East. Haughey said he hopes today's Budget will 'encourage private sector investment'.
Most watched Money videos
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Mail Online takes a tour of Gatwick's modern EV charging station
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Mini Cooper SE: The British icon gets an all-electric makeover
- Land Rover unveil newest all-electric Range Rover SUV
- Watches of Switzerland defies luxury slowdown with...
- BUSINESS LIVE: BT to boost free cash flow; EasyJet CEO to...
- Drivers are being stung at the pumps by fuel retailers...
- Ambrosia owner Premier Foods profits boosted by...
- EasyJet boss to step down as airline reveals it raked in...
- BT Group ups dividend despite losing almost...
- Trading blows over Israel: How global commerce is being...
- Superdrug unveils plans to open 25 new stores this year -...
- Reality TV stars charged by City watchdog over...
- Sage Group shares suffer 'hyperbolic' sell-off as group...
- Almost 80% of pension savers are raiding their pots early...
- America's latest inflation figures are a gift for Andrew...
- The £60bn foreign takeover frenzy: Royal Mail just the...
- United Utilities revenues near £1.9bn thanks to higher...
- British tech firm Raspberry Pi eyes £500m London float in...
- Future shares jump after publisher declares £45m share...
- Electric car quotas risk creating 'volatility and...
- Barclays and HSBC cut mortgage rates: Is the tide turning?