Severfield-Rowen plc revised earnings guidance for the year 2012. The performance of the three businesses, which are being merged into one business- Severfield-Watson Structures, had led to a revision of the Group's profit expectation, the company reported. As a result, it is the Board's view that the Group's profits before tax in 2012 will now be around £1 million.

The company has warned that cost overruns on a small number of contracts has hit its profit expectations, as it announced 50 jobs would be cut.