NMCN.L Regulatory News (NMCN)

25 Aug 2006 07:01

North Midland Construction PLC25 August 2006 NORTH MIDLAND CONSTRUCTION PLC 2006 INTERIM RESULTS 25 August 2006 North Midland Construction PLC ("the Company") the UK provider of civilengineering, building, mechanical and electrical services to public and privateorganisations, announces interim results for the six months ended 30 June 2006. Highlights from the results and the Chairman's Statement:- Six Months Ended Six Months Ended 30 June 2006 30 June 2005 £'000 £'000 Revenue 86526 68505 Profit before Tax 2415 1760 Net Profit after Tax 1691 1232 Earnings per Share 15.23p 12.01p Proposed Dividends 2.5p 2.0p • Record half year in terms of Turnover and Profitability. • All aspects of Group trading profitably. • North Midland Building Limited had a particularly strong performance in the period. • Secured workload at record levels. • Interim Dividend of 2.5p (2005: 2.0p). For further information:- Robert Moyle, Chairman - 01623 518812North Midland Construction PLC Mike Garratt, Finance Director - 01623 518816North Midland Construction PLC INTERIM REPORT for the half year to 30 June 2006 CHAIRMAN'S STATEMENT Further organic growth has been established during the first half of the yearwith turnover advancing to £86.5m, an increase of 26.3% over the comparableperiod last year and profit before taxation to £2.41m, an increase of 36.9%. All the constituent elements of the Group are trading profitably with both NorthMidland Building and Nomenca, the mechanical and electrical subsidiary,producing record half-yearly results both in respect of revenue andprofitability. Whilst Civil Engineering and Utilities suffered from a slowuptake in revenue, the Highways division delivered a solid return. The new premises recently purchased in Warrington to serve the North West Regionhave now been occupied and the extensions to the plant and vehicle workshops atHead Office will be completed on schedule for occupation in September 2006. On the basis of the first half performance and coupled with a record order book,the Board are confident that the year end forecasts will be achieved. In viewof this, but in consideration of the rate of expansion of the Group, your Boardis recommending an increased interim dividend of 2.5p (2005 : 2.00p) per share,which will be paid on 28 September 2006 to the shareholders on the register at 8September 2006. R MoyleChairmanNorth Midland Construction PLC INCOME STATEMENT The unaudited Group results for the half year ended 30 June 200 6 are shownbelow together with the unaudited Group results for the half year ended 30 June2005 and the audited Group results for the year ended 31 December 2005. Six Months to 30 June Year Ended 2006 2005 31 Dec 2005 £'000 £'000 £'000Revenue 86526 68505 153123Operating Profit 2465 1839 4087Finance Costs (50) (79) (142)Profit before Tax 2415 1760 3945Tax (724) (528) (1194)Group Profit after Taxation 1691 1232 2751Minority Interest (198) (55) (289)Profit attributable to 1493 1177 2462ShareholdersDividend paid (490) (392) (588) 1003 785 1874Dividend per share 5.00p 4.00p 6.00pEarnings per share 15.23p 12.01p 25.12p In respect of the six months ended 30 June 2006 corporation tax has beenprovided at 30% (2005 - 30%) of the profit without deferment. BALANCE SHEET The unaudited Group Balance Sheet at 30 June 200 6 and 30 June 2005 are shownbelow together with the audited Group Balance Sheet at 31 December 2005. 30 June 31 Dec 2006 2005 2005 £'000 £'000 £'000Non-Current Assets Goodwill 106 106 106 Property, Plant and Equipment 7013 5699 5992 7119 5805 6098Current Assets Inventories 1158 378 870 Construction Contracts 6686 5673 6461 Trade and other Receivables 34257 26519 33306 Cash and Cash Equivalents 4934 478 6870 47035 33048 47507 Total Assets 54154 38853 53605 Equity & Liabilities Equity Attributable to Equity Holders ofthe Parent Share Capital 980 980 980 Capital Redemption Reserve 20 20 20 Retained Earnings 14489 12397 13486 15489 13397 14486 Minority Interest 672 381 603Total Equity 16161 13778 15089 Non-current Liabilities Obligation under Finance Leases 725 934 1018 - due after one year Provisions 438 259 384 1163 1193 1402Current Liabilities Trade & Other Payables 34634 22452 35345 Current Tax Payable 1233 554 808 Obligations under Finance Leases 963 876 961 - due within one year 36830 23882 37114 Total Liabilities 37993 25075 38516 Total Equity & Liabilities 54154 38853 53605 CASH FLOW STATEMENTS Six Months Ended 30 June Year Ended 2006 2005 31 Dec 2005 £'000 £'000 £'000Cash flows from Operating ActivitiesOperating Profit 2,465 1,839 4,087Adjustments for:Depreciation of property, plant and equipment 679 608 1,253(Gain) on disposal of property, plant and (29) (64) (102)equipmentIncrease in provisions 54 62 187 Operating cash flows before movements inworking capital 3169 2,445 5,425 (Increase)/decrease in inventories (288) (74) 89(Increase)/decrease in construction contracts (225) 1303 (140)(Increase)/decrease in receivables (951) (2583) (9370)Decrease/(increase) in payables (711) (2,721) 10,172 Cash generated by (used in) operations 994 (1,630) 6,176 Tax paid (299) (791) (1,202)Interest paid (50) (79) (142) Net cash from (used in) operating activities 645 (2,500) 4,832 Cash flows from investing activitiesPurchase of property, plant and equipment (1475) (337) (650)Proceeds on disposal of property, plant and 30 72 133equipment Net cash (used in) investing activities (1445) (265) (517) Cash flows from financing activitiesEquity dividend paid (490) (392) (588)Dividend paid to minority interests (130) (61) (73)Repayments of obligations under finance leases (516) (455) (935) Net cash (used in) financing activities (1136) (908) (1596) Net (decrease)/increase in cash and cash equivalents (1936) (3,673) 2,719Cash and cash equivalents at 1 January 2006 6,870 4,151 4,151Cash and cash equivalents at 30 June 2006 4934 478 6,870 NOTES The consolidated financial statements of North Midland Construction PLC havebeen prepared in accordance with International Financial Reporting Standards(IFRSs) and are presented in sterling. A copy of this circular will be sent to all shareholders on 25 August 2006 andcopies will be available from the registered office, Nunn Close, The CountyEstate, Huthwaite, Sutton-in-Ashfield, Nottinghamshire, NG17 2HW, for 14 daysfrom today's date. This information is provided by RNS The company news service from the London Stock Exchange