NMCN Nmcn Plc

RNS Number:8496K
North Midland Construction PLC
18 May 2000

CHAIRMAN'S AGM STATEMENT

This time last year I had the unfortunate task of announcing that the group
had produced a loss for the first quarter's trading.

Happily, this year the position is reversed and the Group's trading profit for
the first quarter is in excess of #500,000, and we are well on course to
achieve budget.

All elements of the Group are trading profitably, with a particularly strong
performance from the duct & cable laying division.  The overall workload is
satisfactory, but the civil engineering division needs more orders to meet the
growth targets that we have set.  Our success in being selected by Severn
Trent on their very reduced lists for both sewage treatment and sewerage will
assist in remedying this situation.  Several new clients have already been
brought on steam this year and the relationships forged with Marconi and
Aggregate Industries are now bearing fruit.

North Midland Building continues to go from strength to strength and all the
indications are that 2000 will prove to be a record year for this subsidiary.

The M & E subsidiary, Nomenca, is also trading satisfactory and is providing
the Group with an entree into new markets.  A minor works division has
recently been established within this Company.  These days, the Water
companies in particular, are looking for the "one stop shop".  The combination
of the parent company, Nomenca and building provides them with an all
encompassing capability.

A great deal of time, effort and money has been expended in the last few years
in developing the management systems to control cost and provide growth.  The
accreditation to ISO 14001, the environmental standard, one of the very few
construction companies in the UK to obtain it, is yet another piece of the
jigsaw in place.  These systems, complemented by a strong management team and
a hard-working, trusted workforce should take the company forward.

Obviously, the lowly rating of your company's shares and the lack of
marketability, is of great concern to the Board.  Currently, the Stock Market
seems to have very little interest in small PLC's in the traditional sectors
of industry.  Your board, therefore, following the approval of shareholders
today, intends to buy back an element of the shares, the exact quantity and
timing is yet to be determined.  We trust that this exercise will return some
value to shareholders.

Finally, I would like to thank both the shareholders and staff for all their
loyal support last year.

END
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