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Profitability at the UK鈥檚 largest structural steel specialist Severfield-Rowen is down over the first half of the year as the firm issued another downbeat statement on the state of the UK economy.

Underlying profit before tax fell 33% over the first six months to 30 June, from 拢8.2m to 拢3.4m, while underlying net margins also dropped significantly from 6.5% to 2.8%.

The firm expects demand in the UK market to remain subdued for the next few years and chief executive Tom Haughey said the contractor had been 鈥渏ustified鈥� in its consistent caution about the timing and extent of recovery.

In March the firm stated it did not expect the UK market to recover until 2012.

Haughey said: 鈥淭he company is pleased with its performance in the UK against the backdrop of a prolonged and unprecedented period of weak demand.鈥�

The company said its UK order book grew by 21% over the last three months from 拢221m in May to 拢249m.

Turnover across the group was stable, with only a marginal drop in revenue from拢126.7m last year to拢122m.

Severfield-Rowen said it was bullish about growth opportunities for its Indian venture JSSL.

Haughey said prospects for the company and its partner JSW Steel in the country were 鈥渋mmense鈥�.

JSSL鈥檚 order book also grew 22% over the last three months, from 拢36m in May to 拢41m as of this month.

Haughey said: 鈥淭he company is forward planning on the basis that (UK) demand will remain subdued for the next few years, showing only marginal growth for the market as a whole but with further opportunity in the London commercial, power and industrial/distribution sectors.

鈥淚ndia remains the focus of the company鈥檚 growth ambitions, with opportunity being translated into reality via the scale and content of JSW Severfield Structures鈥� order book and the progress being made in achieving operational and commercial objectives.鈥�

Net borrowings for the group more than doubled over the first six months from 拢8.2m in 2010 to 拢22.8m.