NMCN Nmcn Plc

RNS Number:4047D
North Midland Construction PLC
10 May 2001

NORTH MIDLAND CONSTRUCTION PLC

AGM RESULTS

The Company held its AGM at 12.00 pm and all of the resolutions were passed.

The chairman made the following statement:

"I was asked last year by a shareholder, whether we could be able to deliver
our forecasts. Happily, this year I can stand before you and categorically
state that we did deliver in 2000 and that the growth and momentum is
continuing in 2001.

Ambitious targets have been set for this year, and in the first quarter, a
Group profit of around #0.75m has been achieved on a turnover increased by
36%. Obviously, maintaining these heady levels of performance is going to be
extremely difficult, but the organisation is strong and the systems have been
evolved to cater for future growth. A construction business is heavily
dependent upon the quality of its workforce and staff and, in this regard, the
Company is well blessed. Anachronistically these days, most of the workload in
still undertaken "in house" and this is one of the Company's great strengths.
The ability to deliver is of paramount importance to clients and the
successful partnerships developed with Severn Trent, The Highways Agency,
Marconi and others, is testament to this and vitally provides high levels of
repeat business.

All the constituent companies of the group are trading profitably, although
the continuing slow progress of the water companies in implementing their AMP3
programmes, as agreed with the Regulator, is making civil engineering
difficult in the short term. Several term contracts with key clients in the
telecommunications industry have been re-secured and will provide a useful
base-turnover.

The Company is committed to growth and is shortly to open a regional office in
Warrington, to facilitate expansion into the North West. Also, further land,
approximately 2.5 acres, has been purchased here, at the Huthwaite Head Office
site. This has allowed Nomenca to move into the new refurbished premises and
negates the immediate need to build extra office space.

Whilst the share price has recovered in the past few months, it is your
Board's opinion that it still does not reflect the true value of your Company.
We are delighted, therefore, that you have voted in favour of the Employee
Share Scheme. Hopefully, this will act as a motivation for the existing staff,
an attraction to potentially new recruits and a consistent buying pressure on
the market.

As you are aware, during the year BWD bowed out as the Company's brokers and
were succeeded by Brewin Dolphin. I should like to take this opportunity to
thank John Dyson personally, on your behalf, for all his hard work and
guidance over the last few years. Also, you the shareholders, need a special
thanks for all your support and continued loyalty; some over many years.

Thank you"

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