The firm also said it expects to beat forecasts for the year
Severfield has reported that chief executive Ian Lawson is on a temporary leave of absence due to physical ill health.
The structural steel specialist鈥檚 finance director Alan Dunsmore is to assume the chief executive role on an interim basis working with the company鈥檚 non-executive chairman John Dodds, who is to become as executive chairman, also on a temporary basis.
The firm鈥檚 group financial controller Adam Semple is to assume Dunsmore鈥檚 responsibilities as finance director.
Dodds said: 鈥淚 will work closely with Alan and the wider team during this time and in the meanwhile, on behalf of the board and everyone at Severfield, I would like to wish Ian a full and speedy recovery鈥�.
The news of the temporary change in leadership came as Severfield revealed in a trading update that it expects to end its ffinancial year ahead of expectations after 鈥渟trong鈥� trading in the second half of its financial year.
Severfield said its UK order book remained solid at 拢267m and in line with the company鈥檚 plan to double profits by 2020, but added that it expected the mix of commercial projects in its pipeline to 鈥渂e at more normal levels鈥� over the coming months.
The firm鈥檚 Indian business JSW Severfield Structures Ltd (India) reported that one commercial project in Kerala which it won in December last year has been cancelled due to a change in the main contractor on the scheme, but the order book remained stable at 拢40m and its debt repayment programme is on still on track.
Severfield added that India鈥檚 economy is continuing to show signs of improvement following the government鈥檚 demonetisation programme.
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