Business
Half Yearly Report
Half Yearly Report.
About this update from Severfield Plc
[{"type":"text","content":"\n \nRNS Number : 8975T Severfield-Rowen PLC 26 November 2013 \n \n\nInterim Results\nfor Half-Year ended 30 September 2013\n \nSolid Overall Result - UK Margin Recovering - Operational Improvements Continue \n \nSeverfield-Rowen Plc, the market leading structural steel group, announces its interim results for the 6 months to 30 September 2013.\n \n \nHighlights\n\n· Underlying* profit before tax of £1.4m (2012: £21.1m loss)\n· UK underlying operating margin (before JVs and associates) recovery to 2.5% (2012: -17.1%)\n· Share of losses from Indian joint venture of £1.3m (2012: £0.4m profit)\n· Period end net cash position of £1.5m (31 March 2013: £41.2m net debt)\n· Further restructuring of largest business, Severfield-Watson Structures, concluded successfully\n· Operational improvement programme progressing well and continuing\n· UK order book steady at £172m at 31 October (August 2013: £178m)\n· India order book of £34m at 31 October (August 2013: £35m)\n· New Chief Executive, Ian Lawson, appointed on 1 November 2013\n \n \n\n\n\n\n£m\n\n\n\n\n\n6 months to\n30 September 2013\n\n\n6 months to\n31 December 2012\n\n\n\n\nRevenue\n\n\n\n\n\n117.1\n\n\n120.7\n\n\n\n\nUnderlying* Group operating profit/(loss)\n(before JVs and associates)\n\n\n\n\n\n3.0\n\n\n(20.6)\n\n\n\n\nUnderlying operating margin \n(before JVs and associates)\n\n\n\n\n\n2.5%\n\n\n(17.1%)\n\n\n\n\nOperating loss (before JVs and associates)\n\n\n\n\n\n(0.8)\n\n\n(23.1)\n\n\n\n\nUnderlying profit/(loss) before tax\n\n\n\n\n\n1.4\n\n\n(21.1)\n\n\n\n\nLoss after tax (including non-underlying items)\n\n\n\n\n\n(2.5)\n\n\n(19.6)\n\n\n\n\nUnderlying basic earnings per share\n\n\n\n\n\n0.28p\n\n\n(10.36p)\n\n\n\n\nDividend per share\n\n\n\n\n\nNil \n\n\nNil\n\n\n\n\n \n* Underlying is before:\n \no restructuring and redundancy costs - £2.6m (2012: nil)\no amortisation of acquired intangible assets - £1.4m (2012: £1.4m)\no impairment of investment in associates - £0.4m (2012: nil)\no contract legal costs and provision movements - ni...