North Midland Construction to build on strong start
North Midland Construction, the civil engineering and building contractor based in Sutton-in-Ashfield, has announced pre-tax profits of £2.04m in its half-year results. The result is a 49 per cent increase on the comparable 2009 period.
Group revenue also increased by 9.3 per cent to £77.9m, according to the construction company’s interim results to 30 June 2010.
Robert Moyle, chairman of Midland Construction, said that all the company’s divisions had been profitable, with an improved performance from the utilities division.
However, he added that Nomenca, the company’s mechanical and electrical engineering subsidiary, had reported reduced profitability. Profits declined by 20.3 per cent to £235,000 on revenue reduced by 14.3 per cent at £18m.
Moyle said: “The parent company delivered enhanced results with profitability rising to £1.8m from £980,000 on revenue increased by 6.07 per cent at £50.30m.
“North Midland Building continues to be severely affected by the downturn in demand and a nominal return was delivered, albeit on a revenue increased five fold.
“Tender opportunities are on the increase, but margins remain extremely competitive and further orders are required to deliver the forecasted result for the year.”
