Severfield-Rowen PLC
30 May 2000
SEVERFIELD-ROWEN PLC
AGM STATEMENT
Peter Levine, the Chairman, speaking at the Annual General Meeting held today,
made the following comments:
The Management Accounts for the first 4 months of 2000 indicate that we are in
line with budget and relative to the current market conditions prevailing in
the UK structural steelwork industry remain on course for a good year.
It is increasingly apparent that our reputation, production efficiencies,
quality of service and financial strength have combined to ensure that not
only has our leading market position been maintained but it has been enhanced.
The industry remains extremely competitive with margins continuing to be under
pressure. However our forward order book is currently at £65 million and
enquiries for significant projects for which our group is particularly suited
are encouraging. For example we have recently been awarded a 6,000 tonne
project for a Card Processing Centre at East India Docks in London.
The building of the No 5 production line at Dalton is now complete with full
production having commenced last week.
We remain committed to developing the business by way of acquisitional and
organic growth and despite the current challenging market conditions, your
Board is most optimistic as to the Group's prospects for the future.
Peter Levine
Chairman
For further information, please contact:
Peter Levine, Chairman
Severfield-Rowen 01132 469993
Richard Mountain
Financial Dynamics 020 7831 3113