Interim Management Statement (4538W)
19 Novembre 2010 - 8:00AM
UK Regulatory
TIDMNMD
RNS Number : 4538W
North Midland Construction PLC
19 November 2010
North Midland Construction PLC ("the Group")
19 November 2010
Interim Management Statement
The Group is today issuing its Interim Management Statement
covering the period between 1 July 2010 to 30 September 2010, as
required by the UK Listing Authority's Disclosure and Transparency
Rules.
The current economic climate remains challenging with a reduced
level of tendering opportunities and extremely competitive margins.
The effect of the recent public sector spending review has still to
be determined however profitability for the Group to the end of the
third quarter is in excess of the comparable period last year, on
increased revenues.
North Midland Building Limited is experiencing problems on one
particular contract and is expected to deliver a loss of circa
GBP250k for the year.
Nomenca Limited's final result will be affected by the slow
commencement of the AMP5 programme by the water companies. Both
forecasted revenue and profit fall below the previous year.
The Highways division has a satisfactory workload and both
revenue and profit will exceed the previous year.
The Civil Engineering division needs to secure more workload for
the following year, although two contracts of a total value of
GBP3.6million have recently been received in the power sector.
Revenue will be reduced but profitability increased on the previous
year.
Revenues continue to increase in the Utilities division on the
back of increased demand for broadband. The contract with
Carillion/Telent for BT work in the East Midlands area has recently
been renewed. A profit in excess of the previous year will be
delivered.
Cash flow has remained constant and the Group continues to
operate well within its facilities.
The joint venture contract at Minworth has now finished and both
the Civil Engineering division and Nomenca will be the
beneficiaries of increased bonus payments for delivering the
project under the client's budget.
We continue to rigorously control costs and maintain a flexible
marketing approach to changing market conditions.
We are still waiting to hear the result of the OFT fine
appeal.
The current order book for 2011 stands at GBP89 million and the
Board is confident that the management's forecasts for the year
will be achieved.
Contacts:-
North Midland Construction PLC 01623 515008
Robert Moyle, Chairman
Mike Garratt, Finance Director
Brewin Dolphin 0845 213 4730
Matt Davis
This information is provided by RNS
The company news service from the London Stock Exchange
END
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