Record figures for steel group behind Terminal 5
STRUCTURAL steel company Severfield-Rowen today delivered a record set of results thanks to its successful work on a range of projects including Heathrow's Terminal 5 and the first inner city IKEA store.
Chairman Peter Levine, who is to step down from the Thirsk-based group after a decade at the head of the company, said underlying pre-tax operating profits increased 46.6% to £42.7m in the 12 months to December 31 while the company is looking forward confidently with an order book of £455m.
Mr Levine, who is chairman of Leeds-based FTSE 250 oil company Imperial Energy, will be replaced by former Deloitte accountant Toby Hayward after the company's AGM on May 30.
It is set to start work on the long-awaited £300m Westfield shopping centre in Bradford, where it will erect the steel framework for the building once the groundwork has been completed.
It also provides steel for Tesco, Asda and Sainsbury's stores and has worked on major projects including the Millennium Bridge in Gateshead and Kingston Communications Stadium in Hull as well as the first inner city IKEA in Coventry.
It completed its work for Heathrow's currently chaotic Terminal 5 on time and on budget and Mr Levine said it had started 2008 with a positive outlook and work on power stations, hospitals and shopping centres.
Revenue for 2007 was £300.7m, up from £295.1m the previous year and the group is paying a dividend of 20p per share, up 40%.
Mr Levine said: “2007 was a record year for Severfield-Rowen. We continued to deliver growth in all core areas and as we move into a different economic environment we remain confident that our focus on client service as well as prime quality projects will enable us to continue our growth.
“Our record order book is a reflection of the hard work undertaken by the team in 2007 and is the basis for a strong 2008. Despite current market conditions
Severfield-Rowen is very well placed to continue its development.
“Retiring as chairman at the forthcoming AGM, I am confident that Tom Haughey, Peter Emerson and their team will take the group forward to further prosperity and success in the future,” he added.
