North Midland Construction PLC Final Results -2-
28 Marzo 2013 - 12:19PM
UK Regulatory
A vigorous Health & Safety culture is a pre-requisite and it
is gratifying to report that the British Safety Council 4 star
rating has been retained, alongwith the ROSPA Gold standard
throughout the Group. The overall accident rate continues to be
considerably below the national average and a major point of focus
for the last year, has been collaboration with the supply chain to
harmonize its performance. The Group was also the recipient of six
national awards for environmental performance during the year.
The attraction, development and retention of high quality
employees are of paramount importance to the Group. The Staff
Stability Index of 87.40% is impressive. In spite of the difficult
economic conditions, the focus has to be to the future and both the
graduate and apprenticeship programmes have been maintained,
alongwith the levels of training. 2940 training days were
undertaken during the year, equating to an average of 2.92 days per
employee (2011 : 2.19).
The Board is committed to improving the Group's performance year
on year and takes its responsibility very seriously. The Group is a
member of the Business In The Community. Last year's performance
and data are detailed in the CSR report.
Financing
The Group's credit facilities continue to remain adequate for
the foreseeable future. Cash at the year end stands at GBP5.07
million (2011 : GBP9.23 million), which is an outflow from the
previous year of GBP4.16 million. This is largely due to the cash
outflow on the major problematical building contract.
Outlook
The secured order book for the current financial year is circa
GBP130 million and this excludes the recent capital maintenance
framework that has been awarded to Nomenca by United Utilities.
This coupled with the restructuring and cost reduction programme
already implemented, gives the Board the confidence to recommend
the final dividend at 3.0 pence per share, making a total of 4.5
pence for the year.
Condensed Group statement of comprehensive income for the year
ended 31 December 2012
Year Ended Year Ended
31 December 2012 31 December 2011
GBP'000 GBP'000
----------------------------------- ----------------- -----------------
Revenue 168,928 167,220
----------------------------------- ----------------- -----------------
Operating profit/(loss) before
exceptional items 775 (706)
Exceptional items (Note 3) - (10)
----------------------------------- ----------------- -----------------
Operating profit/(loss) 775 (716)
Interest received 12 24
Finance costs (77) (91)
----------------------------------- ----------------- -----------------
Profit/(loss) before tax 710 (783)
Tax (174) 147
----------------------------------- ----------------- -----------------
Profit/(loss) for the year 536 (636)
Other comprehensive income - -
----------------------------------- ----------------- -----------------
Total comprehensive income for
the year 536 (636)
----------------------------------- ----------------- -----------------
Attributable to:-
Non-controlling interests 63 121
Equity holders of the Company 473 (757)
----------------------------------- ----------------- -----------------
Earnings/(loss) per share (basic
and diluted) 4.75p (7.72)p
----------------------------------- ----------------- -----------------
Amount of actual final dividend
on ordinary shares proposed to
the shareholders on the register
at the close of business on 26
April 2013, which will be paid
on 23 May 2013. 3.00p 3.00p
The calculation of earnings per share is based on the weighted
average of 9,959,699 shares (2011 : 9,800,000) in issue during the
year and on a profit attributable to the equity shareholders of the
parent of GBP473,000 (2011 : loss GBP757,000).
Group statement of changes in equity
Share Merger Capital Retained Non- Total
Capital Reserve Redemption Earnings Controlling
Reserve Interest
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2011 980 - 20 18,858 499 20,357
-
(Loss)/profit and total
comprehensive income
for the year - - - (757) 121 (636)
Dividends paid (note
6) - - - (833) - (833)
Dividend paid to non-controlling
interests - - - - (47) (47)
Balance at 31 December
2011 980 - 20 17,268 573 18,841
Profit and total comprehensive
income for the year - - - 473 63 536
Dividend paid (Note
6) - - - (446) - (446)
Dividends paid to non
controlling interests - - - - (43) (43)
Acquisition of non-controlling
interest - - - (520) (593) (1,113)
Shares issued 35 455 - - - 490
Balance at 31 December
2012 1,015 455 20 16,775 - 18,265
--------- --------- ------------ ---------- ------------- ---------
Group balance sheet as at 31 December 2012
2012 2011
GBP'000 GBP'000
----------------------------------------------------- --------- ---------
Assets
Non-current assets
Property, plant and equipment 10,622 10,573
Deferred tax asset 77 140
----------------------------------------------------- --------- ---------
10,699 10,713
----------------------------------------------------- --------- ---------
Current assets
Inventories 1,496 1,551
Construction contracts 16,768 12,187
Trade and other receivables 32,403 32,064
Cash and cash equivalents 5,065 9,229
----------------------------------------------------- --------- ---------
55,732 55,031
----------------------------------------------------- --------- ---------
Total assets 66,431 65,744
===================================================== ========= =========
Equity and liabilities
Capital and reserves attributable to equity holders
of the Parent
Share capital 1,015 980
Merger reserve 455 -
Capital redemption reserve 20 20
Retained earnings 16,775 17,268
----------------------------------------------------- --------- ---------
18,265 18,268
Non-controlling interests - 573
----------------------------------------------------- --------- ---------
Total equity 18,265 18,841
----------------------------------------------------- --------- ---------
Liabilities
Non-current liabilities
Obligations under finance leases 877 895
Provisions 350 579
1,227 1,474
----------------------------------------------------- --------- ---------
Current liabilities
Trade and other payables 45,898 44,579
Current income tax payable 115 4
Obligations under finance leases 926 846
46,939 45,429
----------------------------------------------------- --------- ---------
Total liabilities 48,166 46,903
----------------------------------------------------- --------- ---------
Total equity and liabilities 66,431 65,744
===================================================== ========= =========
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