Feb 20th 2013 - Edison Investment Research today published a report on Severfield-Rowen (SFR.L, LSE:SFR, LON:SFR) entitled "Wiping The Contract Slate Clean". In summary, the report says:
Uncertainty regarding a number of problem contracts has been lifted with the announcement of a £20.1m P&L charge to be booked in FY12. More robust procedures have been initiated within the framework of the already announced internal merger. Fresh equity funding and revised bank facility arrangements are to be confirmed shortly along with FY12 results. Market conditions remain tough – with lower management expectations and Severfield is regrouping accordingly.
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