Olympic work is now complete, but other orders have come in to take its place, the company said this morning.
For the year to 31 December 2011, Severfield-Rowen鈥檚 group revenue was steady at 拢267.8m (2010: 拢266.7m). Underlying operating profit was down 28% to 拢11.7m (2010: 拢16.2m). Reported pre-tax profit was down 63% to 拢6.8m (2010: 拢11.1m).
A newish joint venture in India is starting to make headway but lost 拢2.5m for the company in 2011.
Chief executive Tom Haughey described the results as 鈥渟ound鈥� and in line with overall market expectations. He said that market conditions continued to be tough but Severfield-Rowen was prepared.
鈥淭he group has entered 2012 well placed to face the on-going challenges of a subdued domestic market with limited growth prospects. UK performance measured against our peers was again highly creditable, displaying the group's financial, commercial and service strengths and its market leading position,鈥� Mr Haughey said.
鈥淭he UK economy remains lacklustre and the duration of the downturn is having a significant impact upon the durability of our industry competitors, several of whom exited the sector in 2011.
鈥淭he group's market share in its key sectors continues to grow with a post-Olympic order book of 拢221m.聽 The order book composition is largely as forecast from commercial offices, industrial, warehousing and energy/power sectors.
鈥淪ignificantly, JSW Severfield Structures Ltd in India has continued to increase its market presence and operational outputs and we anticipate that it will contribute positively in 2012.鈥�