AGM Statement

RNS Number : 9789M

Severfield-Rowen PLC

03 June 2010

 



3 June 2010

AGM Statement 2010

At the Group's AGM today, Tom Haughey, Chief Executive Officer, will make the following statement:

The Company remains cautious in its outlook for UK demand but is satisfied with the strength and quality of its order book which now stands at £247 million and provides high levels of activity across its operations throughout 2010 and into early 2011.

The Company's finances and market leading position are key attributes to its continuing success in the current trading climate.

Current trading indications are that underlying profit before tax will be in line with management expectations.

JSW Severfield Structures will begin commissioning its plant in August with full output levels being engaged around the turn of the year.  The Joint Venture has won its first contracts in the industrial sector, the mix of which is ideally suited to the commissioning requirements of the new operation.  Prospects in India are very encouraging.

On behalf of the Board, I would like to thank all of our employees who have come through a challenging 12 months but have made outstanding contributions to the Company's success in both the UK and overseas.  We also thank our shareholders for their continued support.

There is just one more topic to cover and that is today is Peter Davison's last day as the Company's Finance Director.  Peter has been with the Company for 22 years and has been a key player in its success.  Peter will be around as Company Secretary after today, but on behalf of the Board, directors, colleagues and shareholders, we say thank you and enjoy your partial retirement.

For further information, please contact:

Severfield-Rowen Plc                           Toby Hayward                      01845 577896

                                                         Chairman

                                                         Tom Haughey                       01845 577896

                                                         Chief Executive Officer

                                                         Alan Dunsmore                    01845 577896

                                                         Finance Director

RBS Hoare Govett Ltd                         John MacGowan                   020 7678 8000

                                                         Stephen Bowler                    020 7678 8000

Pelham Bell Pottinger                         Alex Walters                        020 7861 3232

                                                         Francesca Tuckett                020 7861 3232                       

 

END

 

 

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