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

K******

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.