Utilities only black spot for North Midland

Grant Prior 8 years ago
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North Midland is making profits in all its divisions bar the utilties operation where a major restructure is almost complete.

Utilities posted a £1.56m loss during the first half of the year on revenues of £15.47m as legacy contracts continued to be a problem.

North Midland said: “The major restructure currently being undertaken will be completed in the immediate future. 

“However, it is anticipated that this will not produce a return to profitability before the end of this financial year, although the losses in the second half will be of a significantly reduced scale.”

It was better news across the rest of the group with overall pre-tax profits rising to £512,00 from £136,000 last time as revenue increased to £129.6m from £107.2m.

Civil engineering was back in the black while building reported an “excellent” half year and highways work posted an increased profit.

The NMCNomenca operation saw profits rise to £1.38 m from £720,000 as revenue increased 18% to £49.6m boosted by the AMP6 programme for Severn Trent Water and the joint venture projects with Laing O’Rourke for the construction of a reservoir at Ambergate and with Barhale for works on the Elan Valley Aqueduct.

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