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IN BRIEF: NMCN Sees Annual Loss Widening Further On Additional Costs

Tue, 23rd Feb 2021 14:42

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; ifetaiwo@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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