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Interim Management Statement

18 May 2010 07:00

RNS Number : 0534M
North Midland Construction PLC
18 May 2010
 



North Midland Construction PLC ("the Group")

18 May 2010

 

 

 

Interim Management Statement

 

 

 

North Midland Construction PLC is today issuing its Interim Management Statement covering the period between 1 January 2010 and today, as required by the UK Listing Authority's Disclosure and Transparency Rules.

 

It is gratifying to report that despite the continuing very difficult trading conditions within the construction sector, Group profitability before tax has increased by 32.6% to £0.6million for the first quarter, on revenue increased by 6.7% to £38.0million, compared with the previous year. Secured workload that will be completed within the current financial year stands presently at £154million.

 

All divisions within the PLC are trading profitably, with an enhanced performance from the utilities division. The Nomenca subsidiary has delivered a positive performance, with profitability reduced to £0.1million from £0.15million for the quarter. The building subsidiary, however, has, due to the extremely competitive margins prevailing, returned a small loss of £21,000. Confidence is high that this situation will be rectified by the year end.

 

There has been positive cash generation during the period and the Group's banking facilities have recently been extended.

 

The Group's Annual General Meeting is being held on 27 May 2010 at 12.00 noon at the Group's Head Office at Nunn Close, The County Estate, Huthwaite, Sutton-in-Ashfield, Nottinghamshire NG17 2HW.

 

 

 

 

 

 

Contacts:-

 

 

North Midland Construction PLC 01623 515008

Robert Moyle, Chairman

Mike Garratt, Finance Director

 

 

Brewin Dolphin Investment Banking 0845 213 4736

Andrew Emmott

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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