TIDMNMD
RNS Number : 4159S
North Midland Construction PLC
18 May 2009
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North Midland Construction PLC ("the Group")
18 May 2009
Interim Management Statement
North Midland Construction PLC is today issuing its Interim Management Statement
covering the period between 1 January 2009 and today, as required by the UK
Listing Authority's Disclosure and Transparency Rules.
The economic climate remains very difficult, particularly for the construction
sector. However, the significant amount of framework contracts secured are still
providing an adequate workload. 62% of projected revenue is already in place,
but there is a requirement to win some contracts in the short term, particularly
within the building subsidiary. However, contracts for the construction of two
new fire stations have been secured within the last month by
North Midland Building. All divisions and subsidiaries are currently trading
profitably, although consolidated revenue and profit has been at a lower level
than for the comparable period last year. The Board is still confident that the
full year forecast can be attained. However, to achieve this forecast the Group
has had to reduce costs and as a result a thorough review of the organization
has been conducted, which unfortunately has resulted in some redundancies.
The utilities division has been awarded a significant contract by KCOM Group
(KCOM.L). This contract relates to the construction element of the high speed
communications network for the South Yorkshire Digital Regions (SYDR) project
consortium. Thales is the prime contractor for the project. Construction is due
to commence shortly.
The Group's banking facilities have recently been renewed, which will provide
sufficient working capital for current Group requirements.
The Group's Annual General Meeting is being held on 28 May 2009 at 12.00 noon at
the Group's head office at Nunn Close, The County Estate, Huthwaite,
Sutton-in-Ashfield, Nottinghamshire NG17 2HW.
Contacts:-
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| North Midland Construction PLC | 01623 515008 |
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| Robert Moyle, Chairman | |
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| Mike Garratt, Finance Director | |
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| | |
+---------------------------------------+---------------------------------------+
| Brewin Dolphin Investment Banking | 0845 270 8610 |
+---------------------------------------+---------------------------------------+
| Andrew Emmott | |
+---------------------------------------+---------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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