Jan 24th 2013 - Edison Investment Research today published a report on Severfield-Rowen (SFR.L, LSE:SFR, LON:SFR) entitled "Another Cut". In summary, the report says:
A material cost overrun on a large central London contract has been flagged (but not quantified) and, after other project issues in 2012, a change of CEO has been made. In view of a probable H2 loss, Severfield is in discussion with lenders, though net debt is within facility headroom. We believe, the dividend backdrop is less favourable now and withdraw our estimates until further guidance on project and banking positions are available.
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