- Structural steel group Severfield reported a 36% fall in first-half profit, which it pinned on the 'phasing of ongoing contract works' in its current UK and European order book.

Pre-tax profit for the six months through September slipped to £8.2m, down from £13.1m on-year.

Revenue fell 12% to £131.7m, though the company bumped up its dividend to 1.1p per share, up 10% on-year from 1p per share.

'Following two years of more equally weighted profits in the first and second halves, the results for the 2020 financial year are expected to be considerably more second-half weighted,' Severfield said.

A large number of ongoing contracts were expected to deliver stronger profits in the second half, it added

'Despite the continued soft market backdrop in the UK, our overall pipeline of potential future orders has remained stable with a good balance of work across all key market sectors,' Severfield said.

'Both the quality of the order book and the strength of the pipeline are consistent with our continued progress towards our strategic targets.'

At 8:16am: [LON:SFR] Severfield share price was -0.8p at 75.2p

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