Severfield Regulatory News (SFR)

14 May 2008 07:00



14 May 2008

Severfield-Rowen Plc

Interim Management Statement

Severfield-Rowen Plc, the market leading structural steel group, announces its first Interim Management Statement as required by the UK listing Authority's disclosure and transparency rules.

As was stated at the publication of the Annual Results on 2 April 2008, Severfield-Rowen is continuing to deliver growth in all core areas and remains confident that its focus on client service and prime quality projects will enable this to continue. 

The forward order book remains strong and will continue to provide a solid platform for growth for the next twelve to eighteen months and prospects for prime projects in 2009 remains strong.

Productivity levels have remained high across all companies, continuing to provide high standards of customer service and timely project execution. 

Severfield-Reeve, the group's main producer of sections and plate work, including Fabsec® beams, is involved in a number of exciting projects in 2008 including Heron Tower London, the Westfield retail centre being constructed in Stratford, East London, Union Square development in Aberdeen, Thameside Hospital in Cheshire and the Altitude Leisure Centre in Hemel Hempstead. Most recently, this company has won a significant contract for supplying steelwork for the construction of a new UK Power station, the first contract in power generating sector the company has seen for some time.

Watson Steel, leaders in specialist steelwork and complex engineering work such as stadiums and bridgework, is involved in the construction of the Olympic stadium which will begin construction in October 2008, Dublin Airport Terminal 2, and Cannon Place a large office development in the City of London

Atlas Ward, also based in North Yorkshire, is involved in the Westfield Retail Centre in Bradford, construction of a new Tesco store in Oldham, a new IKEA store in Dublin and the construction of a Data Centre in Gloucester.

Fisher Engineering, Ireland's leading steelwork contractor, is working on numerous large contracts including a studio office project for Harlequin BSkyB in Brentford, Erneside Shopping Centre in Enniskillen and the National Conference Centre in Dublin.

Whilst the current economic conditions have created a degree of uncertainty, our involvement in a wide range of construction sectors and the strong pipeline of work has resulted in little impact upon our performance as we continue to gain new contracts. The Company's financial position remains strong and in line with management expectations. 

The Company will hold its Annual General Meeting at 12 noon on 30 May 2008 at The Angel Inn, Long Street, Topcliffe, Thirsk, North Yorkshire, YO7 3RW. 

For further information, please contact:

Severfield-Rowen Plc Peter Levine 0207 493 7888

Tom Haughey 01845 577 896

Peter Davison 01845 577 896

Hoare Govett Limited Ranald McGregor-Smith 020 7678 8000

John MacGowan 020 7678 8000

Pelham PR Alex Walters 020 3170 7435

Charles Goodwin 020 3159 4399