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18 May 2011 07:00
North Midland Construction PLC ("the Group")
18 May 2011
Interim Management Statement
North Midland Construction PLC is today issuing its Interim Management Statement covering the period between 1 January 2011 and today, as required by the UK Listing Authority's Disclosure and Transparency Rules.
It is gratifying to report further progress for the Group with first quarter profit before tax increasing by 10.6% to £0.62 million (Q1 FY10 £0.56 million), on revenue increased by 34.0% to £51.00 million (Q1 FY10 £38.00 million). Secured workload that is expected to be completed within the current financial year is approximately £152.00 million.
All the construction divisions within the PLC are trading profitably, and an enhanced result over the comparable period for the previous year has been delivered. The Highways division, in particular, has progressed.
The Nomenca subsidiary, also, advanced with profitability progressing to £0.26 million from £0.10 million on a revenue of £15.40 million.
The Building subsidiary, however, generated a loss of £0.25 million, as a result of significant delays on its major project. Reimbursement is being sought through a significant claim, the result of which is yet to be determined. There is a major requirement for the subsidiary to secure workload, but the market is very depressed and extremely competitive.
There has been positive cash generation during the period.
The positive result of the OFT appeal has not been incorporated into these first quarter results.
The Group's Annual General Meeting is being held on 26 May 2011 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 0845 213 4730
Sean Wyndham-Quin
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