LONDON (Thomson Financial) - North Midland Construction Plc. posted a lower
first-half profit and warned full-year results will come in below expectations,
hit by the economic downturn, but added its balance sheet remains strong and it
expects to exit the downturn in a stronger relative market position.
The group sees full-year results coming below 2007 level and not meeting the
current market forecast of 5 million pounds.
"However, the group order book is still adequate and to a certain extent
insulated by the number of framework contracts currently secured, although
volumes on these are being lowered. There is a need to enhance the size of the
order book in the immediate future to achieve targets," added chairman R Moyle.
For the six months to June 30, 2008, the civil engineer's pretax profit fell
to 792,000 pounds from 1.98 million pounds a year earlier, while revenue dipped
to 103.53 million pounds from 107.26 million. Earnings per share plunged to 4.80
pence from 11.74 pence.
North Midland Construction maintained its interim dividend at 2.5 pence.
TFN.newsdesk@thomson.com
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