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Severfield-Rowen Profit Drops on ‘Unprecedented’ Weak Demand

Aug. 23 (Bloomberg) -- Severfield-Rowen Plc, a supplier of structural steelwork, said first-half after-tax profit fell 76 percent amid “weak demand” in the U.K.

Net income dropped to 1.1 million pounds ($1.8 million), or 1.18 pence per share, from 4.3 million pounds, or 4.87 pence per share, a year earlier, the Dalton Thirsk, England-based company said today in a statement on the Regulatory News Service. Sales decreased 3.6 percent to 122 million pounds.

“The company has been consistently cautious about the timing and extent of recovery in the U.K. market,” Chief Executive Officer Tom Haughey said in the statement. “The company is pleased with its performance in the U.K. against the backdrop of a prolonged and unprecedented period of weak demand.”

Net borrowings for Severfield-Rowen more than doubled to 22.8 million pounds from 8.2 million pounds a year earlier, while the U.K. order book rose to 249 million pounds from 244 million pounds, the company said.

Severfield-Rowen shares fell 8.7 percent to 155.25 pence at the 4:30 p.m. close in London.

To contact the reporter on this story: Charles Mead in London at cmead11@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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