NMCN PLC - Nottinghamshire-based engineering & construction company - Expects pretax loss for 2020 to be up to GBP22 million following the identification of additional costs on two major contracts within its Water division. Notes a significant proportion of the losses are a result of Covid-19 and programme delivery delays, as well as costs associated with process commissioning and handover. This comes after in October, NMCN expected to report annual pretax loss between GBP13.5 million and GBP15.0 million, swinging from GBP7.4 million profit in 2019.
Adds on Tuesday, it expects to complete on a medium-term financing package secured against its property development projects and will continue to work to determine a longer-term financing structure in the coming months.
Current stock price: 178.10 pence
Year-to-date change: down 32%
By Ife Taiwo; firstname.lastname@example.org
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