The building operation missed its budgeted revenue target by 37% in 2010 with a turnover of £22m while racking-up a larger than expected loss of £570,000.
North Midland said: “A thorough review of the business has now been undertaken and further overhead reduction instigated along with a revised marketing strategy.”
The poor performance at the building division was the one disappointing note in a strong set of results for 2010 which showed pre-tax profit up 17.9% at £3.71m on turnover up £14.1% at £164.5m.
Water and utilities work lead the way with the firm’s NMC/Nomenca division serving the AMP5 framework for Severn Trent Water enjoying a strong 12 months.
The telecoms sector was also buoyant with a 32.2% jump in revenue to £40.2m fuelled by the continuing demand for broadband.
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