The company, supplying steelwork to Europe鈥檚 tallest building, London鈥檚 Shard of Glass, reported revenue down 3.6% to 拢122.0m for the six months to 30 June 2011 (2010: 拢126.7m).
Underlying group operating profit fell 53% to 拢4.0m (2010: 拢8.5m) and pre-tax profit by 58% to 拢3.4m (2010: 拢8.2m). Underlying net margin shrank from 6.5% to 2.8%.
CEO Tom Haughey said that the results were in line with expectations, 鈥済iven the backdrop of a prolonged and unprecedented period of weak demand鈥�.
Order book has grown to 拢249m (May 2011: 拢221m).
Mr Haughey said that while exports from the UK鈥渨ill remain a small proportion of turnover in light of the prevailing returns in many overseas markets鈥�, opportunities in India are the main focus for the company鈥檚 growth ambitions.
Severfield-Rowen set up JSW Severfield Structures in India last year in partnership with JSW Steel. 聽Since the opening of the fabrication facility 12 months ago, JSW Severfield Structures has built up an order book of 拢41m, which sees it working to capacity to June 2012.
鈥淭he prospects for JSSL in the Indian market are immense and both partners are seeking to further develop the business capability in line with their growth expectations,鈥� Mr Haughey said.
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