NMCN Nmcn Plc

TIDMNMD

RNS Number : 6124D

North Midland Construction PLC

18 May 2012

North Midland Construction PLC ("the Group")

18 May 2012

Interim Management Statement

North Midland Construction PLC is today issuing its Interim Management Statement covering the period between 1 January 2012 and 17 May 2012, as required by the UK Listing Authority's Disclosure and Transparency Rules.

UK construction sector activity reduced by 4.8% in the first quarter of the year and the Group was similarly affected. First quarter profit before tax declined by 44% to GBP0.35 million (QI FY11 GBP0.62 million) on revenues which declined by 8.6% to GBP44 million (QI FY11 GBP51 million). Secured workload that is expected to be completed within the current financial year is approximately GBP134 million.

The consolidation of the formerly loss-making Building subsidiary into the Civil Engineering division and consequent restructuring has been completed. The new entity returned a small profit during the period. The result of a significant claim on the major building project is still to be determined. Reduced volumes have resulted in a loss in the Utilities division and reduced profitability in the Highways division during the period.

The Nomenca subsidiary continues to progress with profitability increasing by 4.3% to GBP0.27 million on revenues which increased by 28.9% to GBP19.8 million.

The cash position remains strong and adequate bank facilities have been renewed recently.

The Group's Annual General Meeting is being held on 24 May 2012 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

   N + 1 Brewin                                                               0113 2410126 

Richard Lindley

This information is provided by RNS

The company news service from the London Stock Exchange

END

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