SEVERFIELD-Rowen has said its pipeline remains strong after Olympics contracts will be completed.

The Thirsk-based structural steel business said in its unaudited preliminary results for the year ended 31 December 2011 that it had a post-Olympic order book of £221 million forecast from projects in the commercial offices, industrial, warehousing and energy and power sectors.

The business reported flat revenue at £267.8 million in 2011, compared to £266.7 million in 2010. Underlying operating profit was 14 per cent down on 2010, largely because of margin compression, it said.

Tom Haughey, chief executive, said: “The UK economy remains lacklustre and the duration of the downturn is having a significant impact upon the durability of our industry competitors, several of whom exited the sector in 2011.”

JSW Severfield Structures, its joint venture in India, made a loss of £2.5 million, but the business said it has increased its market presence and operational outputs and was expected to contribute positively in 2012.