12th Aug 2014 08:30
LONDON (Alliance News) - Severfield PLC Tuesday said it remains on track to meet expectations for the full year, saying its performance and underlying financial position are satisfactory and its order book looks solid.
In an interim statement to August 11, the structural steel company said its UK order book stands at GBP171 million, and it said the business is showing improved stability following the restructuring undertaken last year. The company said, however, that it is likely to be later in the financial year before any notable impact from the restructuring it seen on its order book.
It also benefited from the sale if its investment property in June for GBP3.9 million.
In its JSW Severfield Structures Ltd (India) joint venture, the group said cost savings and improvements in production output have been seen, with the order book for that unit standing at GBP34 million.
The company said it is well-placed to benefit from a recovery in the UK construction market.
Severfield shares were down 0.2% to 59.50 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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