On March 23, UK-based structural steel producer Severfield-Rowen Plc issued its financial results for 2009, stating that the company achieved good levels of profitability and debt reduction despite a very difficult UK construction climate, ahead of what it expects to be a challenging 2010.
According to the financial results, the underlying pre-tax profit of the company was £49.8 million ($75.2 million) in 2009, down 5 percent from £52.5 million in 2008. Total revenues in 2009 saw a decrease of 11.4 percent, dropping from £394.2 million in the previous year to £349.4 million ($591.2 million).
The company has said it cut staff by 15 percent over the year, and "significantly" cut salaries across the business in order to generate savings of £10 million a year.
The company has announced an interim dividend of 5 pence, taking its total dividend to 15 pence, down 25 percent from the previous year.
Commenting on the results, CEO Tom Haughey said, "2009 was a year of significant change and sacrifice for the whole company, but it is now well positioned for the challenging market conditions through 2010."