Thirsk steel firm behind The Shard reports losses
Structural steelwork manufacturer Severfield-Rowen of Thirsk, North Yorkshire, has reported losses on last year, but are optimistic of recovery.
Reported revenue of £117.1 million fell short of last years £120.7 million for the same period. This is attributed to the restructuring of the company, which included £2.6 million for redundancy and restructuring costs.
Severfield-Rowen are Britain’s largest steel structure manufacturers. They were behind the steel framework of The Shard of London Bridge and the Gateshead Millenium Bridge.
John Dodds, Non-Executive Chairman, commented:“The first six months of the financial year have been marked by significant operational change and progress.
“While certain challenges still remain the Group has achieved an important turning point; there is, however, still further work to be done under Ian’s leadership.
“The completion of the restructuring at Severfield-Watson Structures and on-going operational improvements, combined with some signs of the UK market improving into 2014, gives me confidence for the future and the Group’s ability to build on its strong market position.”