Steel fabricator Severfield-Rowen has reported a 60% leap in profit for the year to 31 December 2005, in record results for the company.
Pre-tax profit rose from £12.2m to £19.7m over the year, with turnover rising 16% to £237m across the same period. The company, which is working on Heathrow Terminal 5, also has a record order book of £210m.
Chairman Peter Levine said the group expected further success in 2006. He said: "Our results are ahead of market expectations. Our markets are buoyant and demand for structural steelwork projects continues to grow."
The company's results were boosted by strong performance across its four core subsidiaries: Severfield Reeve, Watson Steel, Rowen Structures and Atlas Ward Structures. Atlas Ward, acquired by Severfield Reeve for £1.2m in March last year, outperformed original profit expectations.
In addition to work at Heathrow Terminal 5, the group's projects for the past year include supplying steelwork to Ascot racecourse and the Arsenal Emirates stadium.