16 August 2013 – interim management statement
The structural steel group has issued a trading statement covering the period to 15 August confirming that trading is in line with expectations. In the UK the re-organisation of the Severfield-Watson Structures business is now substantially complete with the anticipated cost-savings being achieved. The order book of £178m is slightly lower than previously reported although this is partly due to the group being more selective in work it takes on. The Indian business continues to grow although it is not at break even yet but development of the business continues. Although the shares have done well since they were tipped at 38.5p in March, we think they have further to go. BUY.