Severfield-Rowen hit by difficult trading

Difficult trading conditions and the £640,000 restructure of Rowen Structures hit Severfield-Rowen's profit in the first half of this year.

The group's pre-tax profit was down from just over £5m in the first half of 2002 to £3.7m in the six months to 30 June this year. Similarly operating profit was down from £5.1m to £3.8m.

Turnover, described as "resilient", was down as well from £79.6m to £75.5m. However, the group is "performing ahead of our budgets for the full year", chairman Peter Levine said.

The group's three-year, £140m contract at T5 is "progressing well". The orderbook totals £205m, including the T5 work.