2009 Interim Results

"The Company is pleased to have delivered good profits in the first half of this year against a very difficult industry background.
The trading performance in the second half of 2009 is now forecast to be ahead of the Board’s expectations primarily as a result of project timing towards the end of the year and better than anticipated financial performance.

For some time, we have expressed concerns about the UK market which have materialised, and accordingly we expect UK steel demand and prices to be at significantly reduced levels throughout 2010, which will translate into reduced margins.

The Company is currently gaining domestic market share and has strengthened its efforts in the sectors in which activity is positive, eg Power and Education.
The current mix of UK work therefore differs significantly compared to recent years.

Internationally, the Company’s objectives for its Joint Venture in India are on plan and within budget.

Our sales efforts in targeted export markets are on course but a more competitive cost base in the UK is required to support and sustain these developments.

Against the backdrop of challenging UK market conditions and the requirement for competitiveness in export markets, we are concluding a major review of costs and capacity deployment and will be making an announcement, in due course, following the conclusion of the consultation process currently being conducted with our staff and workforce.

The Company’s finances are robust and debt levels are on target to be at minimal levels by the end of 2009, which will enable it to engage the forecast difficult trading year from a position of relative strength and to maintain its strategic investments overseas.”

Tom Haughey
Chief Executive Officer

• 2009 Interim Report
• 2008 Interim Report
• 2007 Interim Report
• 2006 Interim Results
• 2005 Interim Results
• 2004 Interim Report