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2 Aug 2021 14:51
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018
2 August 2021
("nmcn" or "the Company" or "the Group")
Update on 2020 results
The Company is continuing to work hard to prepare the annual report and accounts (the "ARA") and liaise with its auditors to finalise the audit of the financial statements for the year ended 31 December 2020 (the "2020 Results"). The Group is now expecting to report £43m of aggregate losses identified since the position reported in the 2019 financial statements, this figure remains subject to audit. The increased losses are largely covered by contingencies included within the working capital and cash projections used to support the Company's refinancing and also includes some losses which are likely to reverse in FY21.
In addition, it is no longer expected that the 2020 ARA will be released in August, a further update will be provided in due course.
The Company is progressing well to conclude the required documentation to convene a general meeting to seek shareholder approval to complete the refinancing at the earliest opportunity.
Lee Marks Chief Executive Officer said:
"We are looking forward to fully recapitalising the business allowing us to normalise our relationships with our supply chain. Since joining I have been impressed by our people, and their dedication to our much-valued customer and supplier base, who are working alongside us to achieve an exciting future for nmcn. I look forward to leading the business into a new positive chapter alongside my Executive team and Svella plc."
Enquiries:
nmcn Plc - +44 (0) 1623 515 008
Ian Elliott, Chairman
Lee Marks, Chief Executive
Alan Foster, Chief Financial Officer
Svella Plc - +44 (0) 1228 648945
Andrew Tinkler
Ben Whawell
www.svella.com
About nmcn
nmcn Plc (TIDM: NMCN) is a leading engineering and construction company in the UK. Its talented 1,700-strong team offers multi-sector engineering and construction skills, technical innovation, design, and specialist fabrication.
The Company delivers major built environment and water industry projects across the UK - from buildings and highways to large-scale water networks and treatment plants. With its history dating back to 1946, nmcn now has 12 UK offices and three off-site manufacturing facilities.
LEI Number: 213800ANYQVA5OS51A68
www.nmcn.com
IMPORTANT INFORMATION
The issue of this announcement shall not, for the avoidance of doubt, in any circumstances, create any implication that nmcn shall be required to provide any further updates on the status of any matters contemplated in this announcement (save as may be required by law or regulation).
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