Financial Services Industry
Industry: Email Alert RSS FeedSEVERFIELD-ROWEN (SFR).
Investors Chronicle, April, 2003
The structural steel business is in such a bad way that Wescol, Severfields only quoted rival, went into receivership last year. And despite a market-leading position - analysts reckon Severfield has a 15 per cent share of the specialist UK steel market - the Yorkshire-based group hasnt been immune to the tough trading conditions that felled Wescol. Following interims last September, the shares plunged 25 per cent after Severfield-Rowen issued a profit warning due to softening steel prices. Management blamed this, in part, on the fact that Wescol slashed prices in an effort to survive. As a result, house broker ABN Amro cut its 2002 pre-tax profit forecast by almost 30 per cent to GBP8m.
Market conditions remain tough. Still, at least Severfield has a...
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