Severfield-Rowen plummets after profit warning
Steel company Severfield-Rowen has issued a profit warning after being hit with cost overruns on two UK projects.
Steel company Severfield-Rowen has issued a profit warning after being hit with cost overruns on two UK projects.
The company says budgets have been exceeded by a total of £1.6m, while the wider business is likely to see higher revenues in the second half of the year.
Profit before tax in the first half is now expected to be in the order of £1.5m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Severfield-Rowen now says full-year profits will be "below current expectations".
The firm's shares were down 13.3% at 10:47.
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Water bills set to rise by 21% a year – how to cut costs
Households could see their water bills soar by roughly 21% annually, but suppliers warn it’s not enough to address essential repairs.
By Oojal Dhanjal Published
-
Should you invest in Canada?
Canada presents a compelling opportunity for investors who want to look beyond the US. Greg Eckel of Canadian General Investments highlights four favourites
By Greg Eckel Published