Severfield-Rowen plummets after profit warning

11th Jun 2012 10:13

Steel company Severfield-Rowen has issued a profit warning after being hit with cost overruns on two UK projects.The company says budgets have been exceeded by a total of £1.6m, while the wider business is likely to see higher revenues in the second half of the year.Profit before tax in the first half is now expected to be in the order of £1.5m.Severfield-Rowen now says full-year profits will be "below current expectations". The firm's shares were down 13.3% at 10:47.BS