Revenue up at North Midland Construction
Pre-tax profit has been lifted by more than 10 per cent at Sutton-in-Ashfield-based North Midland Construction. The company's results for the first quarter of 2011 showed an upturn in revenue of 34 per cent to £51m.
For the four months from 1 January, North Midland Construction said pre-tax profit rose 10.6 per cent to £620,000.
Secured workload that is expected to be completed within the current financial year is approximately £152m, said the company.
All the construction divisions within the company reported profitable performances, including the Nomenca subsidiary, which secured pre-tax profit of £260,000 (2010: £100,000) on a revenue of £15.4m.
However, the company's building subsidiary made a loss of £250,000. The company attributed the fall in sales to "significant delays on its major project".
In a statement, the company said: "Reimbursement is being sought through a significant claim, the result of which is yet to be determined. There is a major requirement for the subsidiary to secure workload, but the market is very depressed and extremely competitive."
