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Severfield-Rowen has reported 鈥渟teady鈥� revenue of 拢267.8m for 2011 - a marginal increase of 拢1.1m on the previous year鈥檚 figures - as its pre-tax profit dipped.

The structural steelmaker鈥檚 preliminary results for the year to 31 December 2011 revealed pre-tax profits of 拢6.8m, down from 拢11.1m in 2010.

Chief executive Tom Haughey said the results were in-line with overall market expectations, underpinned by a strong UK performance in a 鈥渟ubdued domestic market鈥� at a time when operations in India continued to improve.

鈥淭he UK economy remains lacklustre and the duration of the downturn is having a significant impact upon the durability of our industry competitors, several of whom exited the sector in 2011,鈥� he said.

鈥淭he group鈥檚 market share in its key sectors continues to grow with a post-Olympic order book of 拢221m. The order book composition is largely as forecast from commercial offices, industrial, warehousing and energy/power sectors.鈥�

Haughey said it was significant that JSW Severfield Structures Ltd in India continued to increase its market presence and operational outputs and was expected to contribute positively to the firm鈥檚 revenue in 2012.

鈥淭he Indian order book now stands at 拢43m, covering almost all of our production plans for 2012 and is strong in terms of quality and importantly product mix,鈥� he said. 

He added that a 拢61m reduction in the company鈥檚 order book since November was largely the result of a single contract cancellation that had failed to conclude its project financing.

Haughey said the pipeline of potential orders continued to grow, with some 拢80m of good opportunities identified.