Structural steel firm tipped to replace Cleveland Bridge on the Shard is confident of 'satisfactory' 2009

Structural steel firm Severfield-Rowen has posted a profit rise of 22% in its full-year results and said it is confident of a “satisfactory” performance in 2009.

The company, which has been tipped to replace Cleveland Bridge on the £50m steel package for the Shard, reported a pre-tax profit of £52.5m in the year to 31 December 2008, up from £42.9m in 2007.

Turnover rose 31% to £394.3m, up from £300.7m in the previous year.

Severfield-Rowen reported a “strong” order book of £311m for its steelwork

Severfield-Rowen said it had a “strong” order book of £311m but that its operating margin had fallen slightly to 14%, down from 14.2% in 2007.

Chief executive officer Tom Haughey said the market would be tough for the next two years but the firm was well positioned to get through it.

He said: “Trading conditions in the UK will be difficult over the next two years, but the company will continue to exploit its key commercial cost and operational benefits to develop its market leading position. We are, therefore, confident of further satisfactory results in 2009 and beyond.”