Severfield Rowen builds £21m loss

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The Independent Online

The steel erector Severfield Rowen, which is working on the City's Cheesegrater skyscraper, counted the cost of the "most challenging year in its history" yesterday as it crashed to a £21.5m loss.

Severfield collapsed into the red on a clutch of contracts including British Land's tower, forcing an emergency rights issue and the exit of its former chief executive Tom Haughey, who left with a £325,000 payoff. John Dodds, the executive chairman, is still seeking a permanent replacement after a new chief executive was lured away at the last minute.

But the company, which is also working on Blackfriars Bridge and Heathrow and Gatwick airports, still has a relatively solid UK order book of £197m. Mr Dodds said: "I'm as confident as I can be, but it would be a very silly man who said there were no more troubles out there – this is contracting."