This is a quality stock.
Just starting a thread - I'll post more very shortly.

K******

Given their performance recently I'd be interested to hear more. I know they were invovled in T5 at Heathrow.
Avsec

A year later and they continue to advance - any news krypton?

Avsec

It is interesting to note that virtually every director bought small parcels of shares last week at 1220p.

Probably the best sign there can be that there is more upside to come.

Ian

A particularly quiet thread for such a quality company.

Anyway there has been a 4 for 1 share split today which will increase liquidity and ought to be beneficial for SP performance.

In the pipeline there may well be contracts from the recently confirmed crossrail project in London (to add to the already massive and top quality order book).

Certainly one to keep an eye on.

what now

Drop looks overdone to me, but in these markets who knows. Ungeared, yield looks to be over 5% and director buying end of last week may help. I bought at between 240p and 250p and will lock them away - could be volatile in short term, but imo a quality smaller company.

More (substantial) director buying today at 248p.

Yes the purchase of 400,000 shares shows Chairman Peter Levine has strong confidence in the company's future prospects following the Fischer acquisition. The market cap. is only around 200 million, the latest forward order book is 440 million and the PE ratio is about 8.6 with 2007 PBT around 42 million. Buy.

I AGREE//BUT HOPING TO BUY LOWER IT A LONG TIME TO 2012/AROUND THE 230 ISH WILL DO/

Severfield-Rowen PLC said non-executive director David Ridley purchased 50,000 shares at 261.38 pence each, lifting his stake in the company to 52,000 shares.
ME TO.

Looking good again today. Have warm feeling about this one.

mmmmmmmmmmm nice

Year Ending Revenue (m) Pre-tax (m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-07 328.59 42.57 34.61p 8.1 0.2 +35% 18.55p 6.6%
31-Dec-08 388.90 53.35 41.26p 6.8 0.4 +19% 21.74p 7.7%
31-Dec-09 395.00 54.50 45.73p 6.1 0.6 +11% 23.37p 8.3%

over 300p today

Still going strong - now 320p

Severfield-Rowen Plc, results for year ended 31 Dec 2008 on Wednesday 25 March 2009.

A forward P/E of just 6, way too cheap imho.

looks like the Brokers think its a buy also and way too cheap...

Severfield-Rowen PLC

FORECASTS
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

ABN AMRO
30-03-09 BUY 33.98 27.20 20.00 23.96 19.17 15.00

Cenkos Securities
26-03-09 BUY 32.50 26.40 20.00 23.50 19.10 15.00

KBC Peel Hunt Ltd [R]
19-03-09 HOLD 42.06 33.22 20.00

FinnCap [R]
05-03-09 BUY 44.80 33.90 20.00

Eden Group
04-02-09 BUY

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 33.25 26.80 20.00 23.73 19.14 15.00

1 Month Change -8.78 -6.35 0.00 0.23 0.04 0.00
3 Month Change -12.43 -7.97 -0.34 0.23 0.04 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -17.20% 2.45% -28.58%

DPS 45.31% -13.98% -25.00%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA m 40.88m 30.36m

EBIT m 34.00m 24.00m

Dividend Yield 14.13% 12.16% 9.12%

Dividend Cover 1.12x 1.34x 1.28x

PER 6.29x 6.14x 8.60x

PEG -0.37f 2.50f -0.30f

Net Asset Value PS p 133.20p 128.93p

I take it you like it then cyners/.

looks to me like its one hot little stock about to get much bigger.

not sure ...... have put on watchlist (ditto WSP), but suspect there will be some froth blown away during the day

ITS CHEAP

so is ASDA's chicken, but that is no recommendation - lol!
this is another share that started strongly and then just sat, despite the general euphoria

ARSENAL AND TERM 5

?????? ...... did they put in the baggage handling system or just the miles and miles and miles of walking and no signposts?

STEEL WORKS YOU SILLYMAN

Brokers positive...

Severfield-Rowen PLC

FORECASTS

2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

ABN AMRO
30-03-09 BUY 33.98 27.20 20.00 23.96 19.17 15.00

Cenkos Securities
26-03-09 BUY 32.50 26.40 20.00 23.50 19.10 15.00

FinnCap [R]
05-03-09 BUY 44.80 33.90 20.00

Eden Group
04-02-09 BUY

2009 2010

Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 33.98 26.85 20.00 23.96 19.14 15.00

1 Month Change -8.05 -6.30 0.00 0.46 0.04 0.00
3 Month Change -8.05 -6.54 0.00 0.46 0.04 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -17.20% 2.64% -28.72%
DPS 45.31% -13.98% -25.00%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA m 41.33m 31.20m

EBIT m 34.00m 24.00m

Dividend Yield 12.95% 11.14% 8.36%

Dividend Cover 1.12x 1.34x 1.28x

PER 6.86x 6.68x 9.38x

PEG -0.40f 2.53f -0.33f

Net Asset Value PS p 133.20p 128.93p

Bought these a couple of days ago at 208p including costs. Hoping for around 280p.

Worth a good look. Fundamentals seem sound to me. BDYOH

Goes ex-divi on wed 13th May - 10p.

Business Financial Newswire
"Severfield-Rowen says that trading has continued at a strong level during the first five months of 2009 and that pre tax profits will be ahead of management's expectations.

But this is tempered by the news that the Company is experiencing a significant decline in demand in the Company's key UK construction sectors and as a result will implement further cost reductions and reconfigure capacity.

Tom Haughey, Chief Executive Officer, says:"We continue to have a relatively strong order book, currently valued at 267 million, which will be increasingly sustained by export sales supplied from our UK facilities, albeit at lower margins which are also subject to exchange rate fluctuations.

"We have good visibility for the current year and remain confident of a strong financial performance for the rest of 2009, but are cautious in our outlook for 2010."

Looks like heading to sub 150p again. A chance to average down for those still holding.

StockMarketWire.com
Structural steel group Severfield-Rowen expects a recovery in business performance starting in 2013.

The company says its results this year are being adversely affected by a small number of projects in three of its UK businesses.

But it says its overall leading position in terms of market share and activity is undiminished. It adds: "The UK order book and the known mix of secured projects, together with the reorganisation of the affected businesses, lead us to expect a recovery in business performance starting in 2013.

"In India, we see very strong demand for our services and we will continue to work with our partner to grow the business at the fastest appropriate pace."

StockMarketWire.com
Steel company Severfield-Rowen said its UK operations for the full-year had been materially adversely affected by cost overruns, and that it would review its current contract base.

In light of this, the company had decided a change in leadership was required and chief executive Tom Haughey was standing down with immediate effect. Chairman John Dodds would assume his role, pending the appointment of a new CEO.

The company had earlier said its UK businesses were operating in a difficult climate with pricing pressure and protraction of contractual settlements posing significant challenges as clients and the supply chain compete harder in a shrinking market.

"Since then our UK performance has been further, and materially, adversely affected by cost overruns on our 122 Leadenhall contract," Severfield-Rowen said in a trading statement.

"As a result, the board intends to review expeditiously its current contract base and will provide a further update to the market, as soon as possible, when it has greater clarity on the financial impact of this exercise," it said.

At Dec. 31, 2012, the company's net borrowings were £30 million, with the order book stable at £209 million.

Severfield-Rowen said it was in talks with its lending banks regarding compliance with its covenants.

"The discussions with the Company's lending banks, and its other stakeholders, will continue with the objective of placing the Group on sound financial foundations that support its UK business and the further development of its Indian joint venture," the company said.

Dodds said he was disappointed by the trading update.

"My task, now, is to re-establish the credibility of the Group with all its stakeholders, bring greater control and discipline to its operations and secure Severfield-Rowen's longer term financing."

Harry - do you follow these? If so, is it worth the effort of researching?

Not really. It's on my watch list atm as a possible recovery play when the economy starts to improve, but looks like they have bigger problems than previously thought. I'll continue to watch, but suspect there is more downside to come & a possible threat to the div. I get IC mag each week and I think they were recently tipped, but looks like even the experts get their fingers burnt every now & then!

Ok thanks.

Sold these as 2222p.

Been looking at them for months.

There is a god after all.

Wonder if there is any reflection to the wider market?

Rights issue implemented this morning:
"It is expected that admission of the New Ordinary Shares to the premium segment of the Official List and to trading (nil paid) on the London Stock Exchange's main market for listed securities, together with the commencement of dealings in the New Ordinary Shares (nil paid), will become effective at 8.00 a.m. on 19 March 2013."

Harry - the chart in post 36 - its one of those gaps!

Thanks. This one is high risk atm imo. Am playing the LAM & SDY game of 'fill the gap' but this company is having a pretty hard time and not confident that this rise will continue.

Final Results - Tuesday 4 June 2013.

Looking strong this morning - currently up 8.8%.

J O Hambro Capital Management Group Limited < 13%

Standard Life Investments Ltd (Vidacos nominees) >5%

Preliminary Results

Financial Highlights
· Rights Issue completed successfully on 5 April 2013 raising £44.8m of new funds (net of expenses)

· Revised revolving credit facility of £35m effective from completion of Rights Issue

· UK business reorganisation and operational improvements continuing under new Group leadership

· Underlying loss before tax of £21.5m (2011: £10.1m profit)

· Share of losses from Indian joint venture £0.3m (2011: £2.5m)

· Basic earnings per share of -25.91p (2011: 6.52p)

· No final dividend recommended (first interim dividend 1.50p)

· Period end net debt of £41.2m (31 December 2011: £31.3m)

· Solid UK order book of £197m (31 December 2012: £209m)

· Current JSSL (India) order book value £29m (31 December 2012: £29m)

Finally starting to look interesting.

On the back of BILN trading statement.

5 month high @57p

Yes ...good day, good day.

Over 800K block buys @ 57p this morning.

Very nice, very nice.

Interim Management Statement

The Group's overall trading performance for the year to date remains in line with management expectations. The Group's borrowings are also in line with expectations following the completion of the Rights Issue in April.

UK

The reorganisation of the Group's Severfield-Watson Structures business is now substantially complete. The Group has successfully achieved the anticipated savings and made good progress with the associated operational improvement programme.

The UK order book of £178m is slightly lower than that previously reported, but it remains at a level that management is comfortable with, given the current state of the UK market, the capacity reductions being implemented within the business, and the Group's more selective approach to securing work. There are early signs that the market may be marginally improving into 2014.

JSW Severfield Structures Ltd (India)

The primary focus in India continues to be on the commercial development of the business and conversion of the market from concrete to steel. While progress is encouraging, the order book level of £34.8m is not yet sufficient to maintain production at a break-even level. The factory expansion is almost complete and the increased capability will play an important role in the continuing business development process.

Outlook

While short term challenges remain, the Group is making encouraging progress with its operational improvements, supported by a strong balance sheet, and is maintaining its market position. Management is confident that the Group is progressing in line with its expectations and will be well placed to benefit from any recovery in the UK construction market.

-Ends-

5 month high @60p

Result of AGM

M&G > 14%

Up 7.4% today on rising volume - caveat is it looks over bought.

67p on the offer quite a bit this afternoon - although not hit.

Increasing volume and now not looking so over bought.

J O HAMBRO CAPITAL MANAGEMENT GROUP LIMITED < 10%

RATHBONE BROTHERS PLC < 5%

Appointment of Chief Executive

Severfield-Rowen, the market leading structural steel group, is pleased to announce the appointment of Ian Lawson as Chief Executive Officer with effect from 1 November 2013. In line with the Company's announcement of 23 January 2013, John Dodds, currently Executive Chairman, will resume the role of Non-Executive Chairman following Mr Lawson's appointment.

Mr Lawson, 56, brings a wealth of construction sector knowledge and experience to the Group. He was previously a main Board Director of Kier Group plc, where he enjoyed a 13-year career. Mr Lawson was appointed to the Board of Kier Group plc as Executive Director in 2005 with responsibility initially for its Services division and later he also assumed responsibility for the Property division. Mr Lawson initiated and managed a significant restructuring programme within the divisions and completed several important acquisitions for the company.

Previously Mr Lawson was a Director of Kier Regional, the Group's regional construction business. Prior to joining Kier Regional, Mr Lawson was Managing Director of Kier Investments which he joined in 2000 following a successful career at Bickerton Group plc where he was Managing Director.

John Dodds, Chairman, commented:

"I am delighted to welcome Ian to the Group. He has a wide range of experience from 35 years in the construction industry. I have worked with Ian over many years and believe he brings the right mix of skills and experience to lead the Group for the next phase of its growth and development."

The Company confirms that there are no further matters which are required to be disclosed pursuant to LR 9.6.13 regarding the appointment of Ian Lawson.

-Ends-

Appointment of Group Legal Director

Severfield-Rowen, the market leading structural steel group, is pleased to announce the appointment of Mark Sanderson as its Group Legal Director with immediate effect.

Mr Sanderson has over 20 years of experience in the construction and engineering sector and has worked in private practice as a partner at both Pinsent Masons and Walker Morris in London and Leeds.

Mr Sanderson joins from Enterprise Plc the support services specialist where he was Group Legal Director until its acquisition by Ferrovial in April 2013

John Dodds, Chairman, commented: "We are delighted to appoint Mark to this new role. He brings a significant level of experience to the Group and will play an important role in the future development of Severfield-Rowen."

Mr Sanderson will also take over Company Secretarial duties and sit on the Group Executive Committee.

-Ends-

Looking to try 65p again. +7.6%.

Notice of Interim Results

Severfield-Rowen Plc, the market leader in structural steel, will announce its Interim Results for the period ended 30 September 2013 on 26 November 2013.

A briefing for analysts will be held at 9.00 a.m. on 26 November at Bell Pottinger's offices, Holborn Gate, 330 High Holborn, London, WC1V 7QD.

Brace yourself skinny. Last time results were poor and resulted in the gaps in the chart!

Harry - all the dirty washing is in the public domain, the cheque is in the post, the world is flat.......

Lovely chart! If it has legs they will surely look nice!!

Aviva plc & its subsidiaries 12% to 11% Change at Combined Interest Level

J O HAMBRO CAPITAL MANAGEMENT GROUP LIMITED > 10%

Chart looking very positive.

Aviva plc & its subsidiaries 11% to 10% Change at Combined Interest Level & 10% to 9% at Direct Intrest Level

Half Yearly Report

Solid Overall Result - UK Margin Recovering - Operational Improvements Continue

Severfield-Rowen Plc, the market leading structural steel group, announces its interim results for the 6 months to 30 September 2013.


Highlights

· Underlying* profit before tax of £1.4m (2012: £21.1m loss)
· UK underlying operating margin (before JVs and associates) recovery to 2.5% (2012: -17.1%)
· Share of losses from Indian joint venture of £1.3m (2012: £0.4m profit)
· Period end net cash position of £1.5m (31 March 2013: £41.2m net debt)
· Further restructuring of largest business, Severfield-Watson Structures, concluded successfully
· Operational improvement programme progressing well and continuing
· UK order book steady at £172m at 31 October (August 2013: £178m)
· India order book of £34m at 31 October (August 2013: £35m)
· New Chief Executive, Ian Lawson, appointed on 1 November 2013

Heavy volume today.

Interim Management Statement

Severfield-Rowen Plc, the market leading structural steel group, issues its Interim Management Statement covering the period to 13 February 2014.

Current Trading

The Group's trading performance and financial position for the year continue to be in line with management expectations.

UK

The UK order book of £172 million remains stable and at a level with which management is comfortable. The UK business is showing much greater stability following the completion of the reorganisation undertaken in the last calendar year. The operational improvement programme continues to make good progress, supporting management expectations that margins will continue to recover over the next two years even without any upturn in the UK market.

The UK market continues to show signs of improvement. This is particularly evident in the pipeline of potential orders the business is seeing, though it is likely to be well into the next financial year before this starts to have any notable impact on the size or mix of the order book.

JSW Severfield Structures Ltd (India)

The Indian market continues to be difficult and is likely to remain so at least until after the forthcoming elections in May 2014. In the meantime, the focus remains on strengthening the commercial focus of the business and managing costs tightly. The order book level of £32 million remains stable, but as highlighted previously, needs to be significantly higher to maintain break-even production levels in the factory.

Outlook

The UK business continues to strengthen and perform in line with management's expectations. While India remains challenging, senior management is focused on improving the situation both commercially and operationally. Overall, the Group is ideally positioned for recovery in the UK construction market, with its improving operations, good market share and strong balance sheet.

Vidacos Nominees > 8%

J O HAMBRO CAPITAL MANAGEMENT LIMITED > 13%

Severfield-Rowen PLC

07 May 2014

Severfield-Rowen Plc

Notice of Final Results

Severfield-Rowen Plc, the market leading structural steel group, will announce its Final Results for the period ended 31 March 2014 on Tuesday 3 June 2014.

A briefing for analysts will be held at 9.00 a.m. on Tuesday 3 June at Bell Pottinger's offices, Holborn Gate, 330 High Holborn, London, WC1V 7QD.

-Ends-

Link copied :- Edison note

Directorate Change

Final Results

Highlights

· Underlying* profit before tax of £4.0m (2013: £21.5m loss)
· UK underlying operating margin (before JVs and associates) recovery to 3.3% (2013: -6.0%)
· Share of losses from Indian joint venture of £3.0m (2013: £0.3m loss)
· Period end net funds position of £0.3m (31 March 2013: £41.2m net debt)
· Further restructuring of largest business, Severfield-Watson Structures, concluded successfully
· Operational improvement programme progressing well and continuing
· UK order book steady at £168m at 1 May 2014 (1 November 2013: £172m)
· India order book of £41m at 1 May 2014 (1 November 2013: £34m)

DIRECTOR/PDMR SHAREHOLDINGS

Severfield plc ("the Company") was notified on 9(th) June 2014 that John Dodds, non-executive chairman and a PDMR had acquired that day 91,000 ordinary shares in the Company at a purchase price of 54.47p per share. The transaction took place in London.

Jefferies International Buy 56.50 56.50 58.00 66.00 Upgrades

Legal & General Group > 5%

Interim Management Statement

Current trading

The Group's performance and underlying financial position are satisfactory and together with a solid order book the Group remains on track for this financial year. The Group has also benefited from the sale of its investment property in June for £3.9m, which was in line with book value.

UK

The UK order book of £171m remains solid and the business continues to show improved stability following the reorganisation in the last financial year. Management's view of the market is unchanged, with continuing signs of improvement, but it remains likely to be later in the financial year before there is any notable impact on the size or mix of the order book.

JSW Severfield Structures Ltd (India)

The business is showing the intended improvement in operational performance for the year to date, with cost savings and improvements in production output both being evident. The order book stands at £34m. The business development programme and improving the conversion of opportunities still remain priorities.

Outlook

The UK business continues to progress well and India is showing encouraging operational improvements with market development remaining an area of high focus. Overall, the Group continues to be ideally positioned for recovery in the UK construction market with its good market position and strong balance sheet.

Annual General Meeting Statement

At today's Annual General Meeting of Severfield plc, to be held at noon at the Aldwark Manor Hotel, YO61 1UF, Chairman John Dodds will make the following statement:

This year Severfield has continued its progress as the UK's market leading steel fabricator, moving further towards the Group vision of being leaders in structural steel, creating a legacy for future generations through world class engineering and design excellence.

During the last year Severfield has delivered substantial operational improvements across the Group and the stabilisation programme is ongoing. Market development in India remains an area of high focus, and the Group is well positioned for the recovery of the UK construction sector, with its market leading position and robust balance sheet. The Group has momentum in delivering against its strategic objectives, with significant prospects for operating margin growth, profit growth, increased revenue and positive cash flow going forward.

Ends

A presentation will be provided for shareholders at the AGM and will then be available on the company website www.severfield.com The presentation contains no previously unpublished information that could be considered price sensitive.

Severfield plc, the market leader in structural steel, will announce its Interim Results for the period ended 30 September 2014 on 25 November 2014.

A briefing for analysts will be held at 9.00 a.m. on 25 November at Bell Pottinger's offices, Holborn Gate, 330 High Holborn, London, WC1V 7QD.

Hmmm - 122 Leadenhall Street

Bolt falls off Cheesegrater building in the City of London

Interim Results

Highlights

§ Underlying* profit before tax of £3.0m (2013: £1.4m)
§ Improvement in UK underlying* operating margin to 3.7% (2013: 2.5%), in line with expectations
§ Continued focus on UK operational improvement programme, reflected in increased margin
§ Share of losses from Indian joint venture of £0.3m (2013: £1.3m loss) reflecting good production levels and the benefits of the ongoing operational improvement plan
§ Strong first half cash performance, with period-end net funds of £7.3m (31 March 2014: £0.3m)
§ UK order book of £185m at 1 November 2014 (1 May 2014: £168m), reflecting strong order intake and increase in general market activity
§ Over 70 projects undertaken during the period in key market sectors:
- Infrastructure: rail, transport and bridges; and
- Commercial property: office developments, stadia, warehouses and distribution centres
§ India order book of £38m at 1 November 2014 (1 May 2014: £41m)
§ Successful completion of new £25m revolving credit facility until July 2019

Contract Wins

SEVERFIELD SECURES CONTRACT WINS WORTH £43 MILLION, INCLUDING ANFIELD STADIUM DEVELOPMENT

Severfield plc, the market leading structural steel group, announces that its operational momentum continues by winning six new contracts, worth £43 million.

Contract highlights

· Appointment as the steelwork contractor for the expansion of Liverpool Football Club's Main Stand and associated improvements, supporting Carillion Plc;
o Work on the project, which will add c. 8,500 seats to the Main Stand and increase the overall capacity of Anfield Stadium to c. 54,000, and is scheduled for completion in Q3 2016

· Five other contracts including:
o 3 commercial office developments in London;
o A major distribution centre in the Midlands; and
o A waste-to-energy plant in Dublin

Update on Leadenhall Building and Current Trading

Severfield plc, the market leading structural steel group, announces an update on developments at the Leadenhall Building and its overall trading performance.

Leadenhall Building

The Group has incurred almost £1m of costs to date relating to a programme of bolt replacement works at the Leadenhall Building, a contract that was completed by the Group in 2013. This programme is being undertaken in conjunction with British Land, Laing O'Rourke and Arup and is likely to continue until the end of the calendar year.

Whilst these works progress, all parties continue discussions to agree where the liability for the costs of the programme should rest. The Group's costs are being regarded as exceptional and will not impact our underlying operating profit for the current year.

Current trading

The Group's overall trading performance continues to be in line with management expectations. Its financial position remains satisfactory and net funds are expected to remain positive at the year end.

UK

The Group's current year focus has been on both operational and margin improvements, rather than revenue, and continues to deliver in line with expectations. The UK order book of £194m has strengthened further in recent months and provides a solid platform for a return to revenue growth in the next financial year.

JSW Severfield Structures Ltd (India)

The Indian business has continued to perform well in the second half of the year and volume throughput in the factory coupled with better operational performance is enabling it to operate around break-even level. The order book of £39m remains solid although the short term pipeline of potential new orders has softened recently, reflecting more caution in the immediate economic outlook in India.

Notice of Capital Markets Event

Severfield plc, the market leading structural steel group, announces that it is today hosting a Capital Markets Event for analysts and investors in London. A site visit to showcase the Group's current work at the Nova, Victoria development will be undertaken. There will also be a presentation by Severfield client, Mace, given by Mace Chief Executive Mark Reynolds, as well as presentations, chaired by Ian Lawson, Chief Executive Officer, which will illustrate Severfield's differentiated position within its market, key sectors of focus for the Group and its approach to the complexities of its design and build projects.

The Company will not be providing any new material information.

Presentation materials will be available on the Company's website (http://www.severfield.com/) following the event.

Notice of Final Results

Severfield plc, the market leading structural steel group, will announce its Final Results for the period ended 31 March 2015 on Wednesday 17 June 2015.

A briefing for analysts will be held at 9.00 a.m. on Wednesday 17 June at Bell Pottinger's offices, 6th Floor Holborn Gate, 26 Southampton Buildings, WC2A 1AH

A bit of life here.

Final Results

Highlights

§ Underlying* profit before tax of £8.3m (2014: £4.0m)
§ Improvement in UK underlying* operating margin to 4.5% (2014: 3.3%), in line with expectations
§ Improved tendering disciplines and operational processes, reflected in increased margin
§ Over 110 projects undertaken during the year in key market sectors:
- Core construction: office developments, stadia, warehouses and distribution centres; and
- Core infrastructure: transport
§ Share of losses from Indian joint venture of £0.2m (2014: £3.0m) reflecting higher production levels and operational improvements
§ Non-underlying charge of £6.0m for cost of Leadenhall remedial works programme
§ Strong cash performance, with year-end net funds of £6.4m (2014: £0.3m)
§ UK order book of £194m at 1 June 2015 (1 November 2014: £185m), reflecting improving market position
§ India order book of £38m at 1 June 2015 (1 November 2014: £38m)
§ Successful completion of new £25m revolving credit facility until July 2019
§ Reintroduction of proposed final dividend of 0.5p per share

I like these. Bought some yesterday on the pullback from the high and bought some more this morning after the results.

Very comfortable being overweight long in the construction sector at the moment

AGM Trading Update

Current trading

The Group's trading performance and financial position is in line with management expectations.

UK

The UK order book of £188m remains strong with the London Commercial markets and Large Industrial Distribution Centres in particular continuing to provide opportunities, which supports revenue growth in the current financial year. Operating margins are continuing to improve as benefits from the ongoing operational improvement programme continue to be realised.

JSW Severfield Structures Ltd (India)

The Indian business continues to perform satisfactorily in what remains a sluggish market. The order book of £36m remains steady and there are some interesting commercial opportunities in the pipeline, although the overall economic situation has not improved in recent months.

Outlook

The UK business continues to progress well in a steadily improving environment with both revenue growth and margin improvement in evidence. The Indian business remains steady and is generating good opportunities in what remains a slow market. Overall the Group is on track to progress as expected over the remainder of the financial year.

StockMarketWire.com
Severfield said its FY trading performance and financial position continue to be in line with management expectations.

"The UK business continues its good progress in a relatively stable environment and the current order book will enable continued growth in both revenue and margins," the company said.

"The Indian business remains steady despite a mixed economic backdrop. Overall, the group is on track to meet management expectations for the year," it said in a statement.

UK OPERATIONS
The UK order book of £246m (1 November 2015: £185m) reflects some significant recent contract awards from our pipeline of opportunities. Operating margin improvement is also continuing in line with management expectations, primarily from the internal efficiency benefits arising from the Group's operational improvement programme.

The market continues to present a good level of opportunities although as indicated in November's interim results, slippage in potential timescales still remains a risk as clients scrutinise forecast overall project costs with caution.

JSW SEVERFIELD STRUCTURES LTD (INDIA)
The Indian market environment remains somewhat challenging but the business continues to perform satisfactorily in this climate. The order book of £39m (1 November 2015: £35m) is stable and while production volumes remain steady, the opportunity for margin improvement in the current climate is limited.

33% increase in the order book and an improvement in margins set against a sector which is really struggling yet the price has barely ticked up this morning.

I had hoped for a better response from the market

StockMarketWire.com
Severfield has swung to a FY pretax profit of £9.6m, from a year-ago loss of £191,000, as revenue firmed appreciably to £239.4m, from £201.5m.

The structural steel group proposed a final dividend of 1p a share, taking the total to 1.5p, which Severfield said reflected its current performance and confidence in future prospects.

"Our increased profitability is as a result of our focus on operational improvements and efficiencies over the last three years," said CEO Ian Lawson.

"With the strength of the platform from which the group now operates and the opportunity for further margin improvement, our target is now to double our underlying profit before tax over the next four years," he added in a statement.

"With the current UK order book at its highest level for over six years and a continued stable market environment, the Group is well placed to continue delivering against its near-term financial targets whilst continuing to build for the longer term.

"Overall the outlook remains encouragingly positive."

StockMarketWire.com
Severfield, a structural steel group, has been awarded a contract on the new Google headquarters in King's Cross, London.

Severfield will provide 15,900 tonnes of structural steelwork services for the new 11-storey building with the work scheduled to commence on site in June 2018.

Alan Dunsmore, acting chief executive officer, Severfield plc, said: "This contract win adds to our recently announced strong order book of £245m and supports Severfield's position as the market leader with unrivalled design, fabrication and construction capabilities."

StockMarketWire.com
Structural steel specialist Severfield said its UK order book had fallen in value since June, though its Indian order book had grown.

The UK order book at 1 September was £210m, compared to £237m on 1 June, but remained in line with normal order book levels, the company said.

'The order book reflects a higher proportion of smaller projects, particularly in the industrial and distribution sector, which typically have shorter lead times,' it added.

'Our pipeline of potential future orders has remained stable with a good balance of work across all key market sectors.'

In India, the order book at 1 September was worth 128m, up from £106m at 1 June.

The company said the strong Indian performance had prompted it to agree to a factory capacity expansion with its joint venture partner there.

The expansion would be financed by a combination of equity of around £8m, provided in equal cash amounts of £4m by the group and partner JSW, and debt of around £8m, provided directly by Indian lenders.

'The group's trading performance and financial position remains in line with management expectations and the outlook for the year ending 31 March 2019 remains unchanged,' Severfield said.

'Following the higher profit from certain project completions in first half of the prior year, we expect the profits in the first and second half of the current year to be more equally weighted.'

I have a decent stake in SFR. UK order book looks a little disappointing to me.

On the other hand the Indian order book sounds almost tantalising... " a number of higher margin commercial projects"..


The Indian order book has increased again to GBP128m at 1 September (1 June: GBP106m). With this record order book, and a growing level of new opportunities, which includes a number of interesting higher margin commercial projects, the Indian business ('JSSL') is well positioned to take advantage of a market for structural steel in India which continues to improve.

I like this stock as the growth potential in India is huge, the order book is now large enough to give good economies of scale and they seem to be getting a grip on margins. The market doesn't seem that bothered though about the India story and how fast the volume is growing there.

This is one of the dogs I hold my portfolio.

Was about £15 in 2007, but I hope one learns from mistakes.

Grrrr.

Upgraded by Peel to 100p today if that helps Fred.

I'm in at 69p from 2015, so it's not exactly done much for me either given the dividend yield was zero when I bought it. Dividend yield now up to 5.6% on premise the special continues, which I think it will as the balance sheet is very strong.

I was feeling much better a few weeks ago when it hit 88p, 3.4p dividend since then but a pullback to 77p seems overdone to me especially as SFR have continued to re-iterate full year guidance.

I'm happy to hold, churn the dividend and watch India play out. It seems a good option given the Brexit anxiety.

The "Indian" connection may be useful.

W/see.