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

K******

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-