North Midland suffers in first quarter

Grant Prior 11 years ago
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North Midland Construction highlighted the tough construction market in a bleak trading update today.

The firm said first quarter profit before tax fell by 44% to £350,000 from £620,000 last time on revenues which declined by 8.6% to £44m from £51m.

The consolidation of the formerly loss-making building subsidiary into the civil engineering division has been completed and the new operation returned a small profit during the period.

Reduced volumes resulted in a loss in the utilities division and reduced profitability in the highways division during the period.

Life was better at the Nomenca subsidiary where profitability increased by 4.3% to £270,000 on revenues which increased by 28.9% to £19.8m.

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