NMCN Nmcn Plc

RNS No 3222r
NORTH MIDLAND CONSTRUCTION PLC
12th March 1998


PRELIMINARY ANNOUNCEMENT OF THE RESULTS FOR THE YEAR
ENDED 31 DECEMBER 1997


CHAIRMAN'S STATEMENT

Results

As I predicted last year in my comments at the Annual General Meeting, I felt
we were beginning to see signs of more construction work available to tender
for and improved margins for some of the work obtained.

I am pleased to report 1997 has been a record year for the Group, with further
good progress in all parts of the business.  Turnover in the year has
increased by 37% to #45,759,000 resulting in a record pre-tax profit of
#2,219,000.

The balance sheet has been further strengthened through careful cash
management and shows a healthy increase of cash at bank and in hand of
#1,018,000.

Our Building subsidiary has achieved a pre-tax profit of #204,810 on a
turnover of #3,633,756, which reflects great credit on its management.

A completely new purpose built office block costing #250,000 is now nearing
completion, which will re house the subsidiary company and parent company
staff on the present Head Office site.

The Future

Our work load and performance in the laying of Cable TV ducts remains strong
and I see no reason why this facet of our business should not continue to
prosper during the coming year.

In our construction work principally for the major water and electricity
companies, we are in need of two additional large civil engineering contracts.
We feel now is the time to increase our client base and geographical spread
and to facilitate this we have engaged a further Marketing Manager.

In view of our present strong order book, your Board looks to the future with
optimism and we expect an increase in profitability in 1998.

Dividend

In 1996 we paid total dividends of 3.0p per share.

We have already paid an interim dividend of 1.5p per share and, and in view of
the above comments, the Board proposes an increased final dividend of 2.5p,
making a total dividend of 4.0p per share for 1997.

Staff

Once again, I would like to thank my colleagues on the Board and all our
employees and sub-contractors for their loyalty and hard work; without this
team spirit these excellent results could not have been achieved.

Finally, not least, I would also like to thank our loyal and supporting
clients, who so importantly entrust us with their work.



Profit & Loss Account                   Year ended            Year ended
                                     31st December         31st December
                                              1997                  1996
                                             #'000                 #'000

Group Turnover                              45,759                33,361

Profit before taxation                       2,219                 1,398

Taxation                                      (730)                 (458)

Group Profit after taxation                   1,489                   940

Minority interest                              (16)                   (3)

Profits for the financial year               1,473                   937

Ordinary dividend paid and proposed           (400)                 (300)

Earnings per share                           14.73p                 9.37p

Amount of actual final dividend on
ordinary shares proposed to shareholders
on the register at the close of business
on 3 April 1998 which will be paid on
13 May 1998                                   2.50p                 2.25p

Total dividend per ordinary share for the
year ended 31 December 1997                   4.00p                 3.00p



Balance Sheet                                 1997                  1996
                                             #'000                 #'000

Fixed Assets                                 2,419                 2,227
                                             _____                 _____

Current Assets
        Stocks                               1,632                 1,547
        Debtors                             10,336                 7,334
        Cash at bank and in hand             2,942                 1,924
                                            ______                ______

                                            14,910                10,805

        Creditors - amounts falling due
                    within one year        (10,843)               (7,534)
                                            ______                 _____

Net Current Assets                           4,067                 3,271
                                             _____                 _____

Total Assets less Current Liabilities        6,486                 5,498

Creditors - amounts falling due after
more than one year                            (215)                 (296)

Provision for Liabilities and Charges         (502)                 (541)
                                             _____                 _____

Net Assets                                   5,769                 4,661
                                  
                                             =====                 =====

Capital and Reserves

        Called up Share Capital              1,000                 1,000
        Profit and Loss Account              4,723                 3,650
                                             _____                 _____

Shareholders' Funds                          5,723                 4,650

Minority Interests                              46                    11
                                             _____                 _____

                                             5,769                 4,661
                                             =====                 =====
           

The abridged financial information presented is based on the full accounts of
the group for the year ended 31 December 1997 on which the auditors have given
an unqualified report.

The full accounts have not yet been filed with the Registrar of Companies.

The Annual Report and Accounts for the year ended 31 December 1997 will be
despatched to the Shareholders on 15 April 1998.

The Annual General Meeting will be held on 13 May 1998.

END

FR AUAAKWAKOAAR

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