North Midland Construction PLC Final Results -4-
28 Marzo 2013 - 12:19PM
UK Regulatory
Assets used jointly by reportable segments are allocated on the
basis of the revenues earned by individual reportable segments.
Other segment information
Depreciation and Additions to
amortisation non-current assets
2012 2011 2012 2011
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ --------- -------- ---------- ---------
Building & Civil Engineering 1,085 677 1,132 825
Highways 226 347 236 439
Utilities 290 593 302 752
Nomenca 26 28 28 6
------------------------------ --------- -------- ---------- ---------
1,627 1,645 1,698 2,022
------------------------------ --------- -------- ---------- ---------
There were no impairment losses recognised in respect of property,
plant and equipment.
All of the above relate to continuing operations and arose in
the United Kingdom.
Information about major customer
Revenues of approximately GBP40,400,000 (2011 : GBP52,415,000)
were derived from a single external customer. These revenues are
attributable to the Building and Civil Engineering and Nomenca
segments.
3. Exceptional items
The exceptional items relate to
2012 2011
GBP'000 GBP'000
Release of provision previously made in respect
of fine levied
by the Office of Fair Trading following the successful
appeal - 1,257
Impairment of goodwill relating to the Building
subsidiary - (1,267)
- (10)
---------------------------------------------------------------------------- ---------
4. Earnings per share
The basic and diluted earnings per share are the same and have
been calculated on profit attributable to the holders of equity
in the parent company of GBP473,000 (2011 : loss GBP757,000) and
the weighted average of 9,959,699 (2011 : 9,800,000) shares in
issue.
5. Taxation
In respect of the year ended 31 December 2012, corporation tax
has been provided at 24.5% (2011 : 26.5%) of the taxable profit.
6. Dividends
Amounts recognised as distributions to equity holders in the year:-
2012 2011
GBP'000 GBP'000
Final dividend for the year ended 31 December 2011
of 3p (2010 : 6p) per share 294 588
Interim dividend for the year ended 31 December 2012
of 1.5p (2011 : 2.5p) per share 152 245
---------- --------
446 833
========== ========
The directors propose a final dividend of 3p per share (2011 :
3p per share), totalling GBP304,500 (2011 : GBP294,000). The proposed
final dividend is subject to approval by shareholders at the Annual
General Meeting and has not been included as a liability in these
financial statements.
7. Related parties and joint operations
The Group's related parties are key management personnel who are
the executive directors, non-executive directors and divisional
managers. The only transactions with these individuals comprise
remuneration under service contracts.
Additionally, the Group has a 50% interest in a joint operation
with MWH Treatment Limited and a 25% interest in a joint operation
with MWH Treatment Limited, Mott MacDonald Bentley Limited and
Costain Limited.
The condensed Group financial statements for the year ended 31
December 2012 incorporate the following relating to the joint
operations:-
Year ended Year ended
31 December 2012 31 December 2011
GBP'000 GBP'000
Revenue 12,483 6,312
Expenses 11,828 5,907
Assets 266 296
Liabilities 266 296
8. Share capital
2012 2011
GBP'000 GBP'000
Authorised:-
12,500,000 ordinary shares of 10p each 1,250 1,250
Allotted, issued and fully paid:-
10,150,000 (2011 - 9,800,000) ordinary shares of 10p 1,015 980
On 17 July 2012 it was agreed to purchase 16.66% of Nomenca Limited
from Mr A.D. Langman and Mr R.A.J. Culshaw for GBP1,113,000 in
accordance with the Articles of Association of Nomenca Limited.
The consideration comprised:-
GBP,000
Issue of 350,000 ordinary shares of 10p each at the mid
market value on 17 July 2012 of GBP1.40 490
Payment in cash 590
Costs incurred 33
--------
1,113
========
The purchase price was supported by an independent valuation.
9. Contingent liabilities
Aviva Insurance Limited, Lloyds TSB Bank PLC, Euler Hermes Europe
S.A. (N.V.) and HCC International Insurance Company Plc have given
Performance Bonds to a value of GBP5,592,000 (2011 : GBP4,878,000)
on the Group's behalf. These bonds have been made with recourse
to the Group.
10. The Annual Report and Accounts for the year ended 31 December
2012 will be despatched to shareholders on 29 April 2013 and will
be available on the Company's website - www.northmid.co.uk.
11. The Annual General Meeting will be held on Thursday 23 May 2013
at 12.00 noon at the Group's Head Office at Nunn Close, The County
Estate, Huthwaite, Sutton-in-Ashfield, Nottinghamshire NG17 2HW.
This information is provided by RNS
The company news service from the London Stock Exchange
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