North Midland puts faith in staff as turnaround continues

Grant Prior 2 weeks ago
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North Midland Construction is going on a recruitment and training drive as the turnaround in the contractor’s fortunes continues.

john homer
Chief executive John Homer is confident about the rest of the year

Half year results to June 30 show pre-tax profits up to £1.2m from £512,000 last time on turnover up to £136m from £129m.

Chief executive  John Homer has been leading changes at the firm since joining from Morgan Sindall last year.

He said: “These results demonstrate the continued strategic advancement made in the business during the trading period.

“Our focus on enhanced margins and cash generation is beginning to become apparent and is anticipated to continue going forwards.

“We continue to invest significantly in the development of our talent pool as we believe that our people are the overarching differentiator and the driver for our continued success.

“The outlook for our future trading remains positive and provides the opportunity to further improve the earnings from our operations.

“The Board is anticipating enhanced like-for-like revenue growth in the second half of the year, coupled with an enhanced operating margin percentage.”

Construction’s numbers dipped during the period due to delays in project starts but the troubled telecomms division returned to profit.

A shortage of orders saw the power division make a loss but highways saw a rise in turnover and the bottom line.

North Midland’s core water division saw revenue rise as AMP6 spending cranked up but profits dipped due to high start-up costs.

The company added: “The resolution of the outstanding legacy contract is still ongoing, but progressing slowly.  The Directors are striving to seek a satisfactory resolution.”

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