Severfield-Rowen reshuffle complete with 5.5% margin

Structural steel group Severfield-Rowen has improved its operating margin to 5.5%. The company has also completed the rationalisation of recently bought Rowen.
Turnover of £170m (£160m) in the 12 months to 31 December 2003 yielded a pre-tax profit of £9.1m (£7.5m). Redundancies during the rationalisation cost £640,000.
Rowen Structures, one of the group's operating divisions, is a third of the way through its £160m specialist contract at T5. Managing director John Severs said: "It should provide work for us until mid-2005." Much of the steelwork is pre-assembled and checked off-site."
Last year, £900,000 was invested in buildings, plant and machinery to improve the production process at Watson Steel Structures, bought in 2001 for £2.5m.
New contracts this year include: Channel Tunnel Rail Link works at St Pancras; Arsenal football stadium; and Gatwick airport's Pier 6 connector, reported to be the world's longest over-airport pedestrian bridge.