Steelwork contractor Severfield-Rowen has said its Olympics contracts will help it through the economic downturn.

Speaking after announcing strong results for the six months to 30 June 2008, Tom Haughey, chief executive, pointed to the strength and longevity of the company’s £431m order book.

He said: “The general UK economic background and its impact on the construction sector cannot be ignored, but we are not exposed to the residential sector and our significant share of Olympic-related work illustrates our competences and value.”

Over the period, the group posted a 60% rise in underlying pre-tax profit from £15.9m to £25.3m. Turnover increased 26% from £137.6m to £173.3m and the group said it would increasingly look overseas to fuel its growth plans.