LONDON (ShareCast) - Shares in Severfield-Rowen fell back despite the structural steel supplier issuing a bullish update on prospects alongside rises in sales, profits and the dividend in the first half of 2008.

Pre-tax profits rose to £19.98m, from £15.9m, in the half-year to June on sales of £173m, up from £134m. On an underlying basis profits rose by 60% to £25.3m. Orders at the half-year end amounted to £431m in total.

"The general UK economic background and its impact on the construction sector cannot be ignored, however, we are not exposed to the residential sector and our significant share of Olympic related work illustrates our competences and value, as well as our high supplier preference rating," chief executive Tom Haughey said.

The interim dividend rises by 48% to 10p

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