Steelwork giant revises down first half profit expectations

Steelwork giant Severfield-Rowen has warned two problem contracts will hit profits in the first half of the year.

The specialist contractor - led by chief executive Tom Haughey - said in a trading statement this morning that it faced operational overruns of 拢1.6m on two unnamed 鈥渃omplex鈥� projects in the UK.

Pre-tax profit in the first half is now expected to be circa 拢1.5m.

The statement added: 鈥淥ur performance for the full year remains well supported by our strong order book, anticipated full capacity utilisation and good project mix in both the UK and India.

鈥淲hile we still expect to deliver profit growth year on year, profit for the full year may be lower than current expectations.鈥�

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