Steelwork giant revises down first half profit expectations
Steelwork giant Severfield-Rowen has warned two problem contracts will hit profits in the first half of the year.
The specialist contractor - led by chief executive Tom Haughey - said in a trading statement this morning that it faced operational overruns of £1.6m on two unnamed “complex” projects in the UK.
Pre-tax profit in the first half is now expected to be circa £1.5m.
The statement added: “Our performance for the full year remains well supported by our strong order book, anticipated full capacity utilisation and good project mix in both the UK and India.
“While we still expect to deliver profit growth year on year, profit for the full year may be lower than current expectations.”