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3 Jun 2009 07:00
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3 June 2009
AGM Statement 2009
At the Group's AGM today, Tom Haughey, Chief Executive Officer,Β will make the following statement:
"Trading in the first five months of 2009 hasΒ continued at the strongΒ levels achieved in 2008. Β Consequently, current indications suggest that the underlying profit before tax for the current year will be ahead of management's expectations.Β WhilstΒ this position is most welcomeΒ inΒ the current economic environmentΒ it should beΒ temperedΒ byΒ the fact thatΒ prospects for the UK continueΒ toΒ fade to levelsΒ belowΒ thoseΒ forecastΒ byΒ the industryΒ in recent months.
WeΒ continue to have aΒ relativelyΒ strong order book, currently valued atΒ Β£267Β million,Β whichΒ willΒ be increasingly sustainedΒ byΒ export sales supplied from our UK facilities, albeitΒ at lowerΒ marginsΒ which are alsoΒ subject to exchange rate fluctuations.Β We are now experiencing a significant decline in demand in the Company's key UK construction sectors and as a resultΒ weΒ willΒ implementΒ furtherΒ cost reductionsΒ and reconfigure capacity.
We haveΒ good visibilityΒ for the current yearΒ and remain confident of a strongΒ financialΒ performanceΒ for the rest of 2009, butΒ areΒ cautious inΒ ourΒ outlook for 2010.Β Over the longer termΒ and asΒ the UK market recovers,Β as it will undoubtedly do, the GroupΒ will benefit fromΒ itsΒ low cost base,Β a robust balance sheetΒ andΒ otherΒ inherent advantages, combined with strong prospects in 2011 for its Joint Venture in India."
For further information, please contact:
|
Severfield-Rowen Plc |
01845 577896 |
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Tom Haughey, Chief Executive Officer Peter Davison, Finance Director |
|
|
RBS Hoare Govett Ltd |
020 7678 8000 |
|
John MacGowan Stephen Bowler |
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|
Pelham PRΒ |
0207 337 1500 |
|
Alex Walters Francesca Tuckett |
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