Cheese Grater supplier Severfield-Rowen dives in overrun

Shares in Severfield-Rowen, the steel fabricator behind the Cheese Grater skyscraper and the new Blackfriars railway bridge in the City, fell 7 per cent yesterday after it issued a profits warning.

The company said "two complex projects in the UK", which it refused to name, had overrun, costing it an extra £1.6m.

It said both projects were still on course to finish on time but it had been forced to keep more employees on site for longer than it had budgeted.

The company said first-half profits are likely to be around £1.5m, less than half the previous year's £3.4m.

The shares dropped by 11.25p to 153p.