Interim Results
August 24 2001 - 5:33AM
UK Regulatory
RNS Number:9904I
North Midland Construction PLC
24 August 2001
NORTH MIDLAND CONSTRUCTION PLC
INTERIM RESULTS FOR THE HALF YEAR TO 30 JUNE 2001
CHAIRMAN'S STATEMENT
The first half year has provided a satisfactory result, with both profits and
turnover at increased levels over the comparable period last year. It is sad
to report that the recent collapse of Independent Insurance and the financial
difficulties of Redstone Telecom have materially affected the half year
result.
The main profit generators were the Cable division and Building, with Special
Projects trading ahead of budget. Nomenca produced a small profit, but the
problem area continues to be Civil Engineering, which is still loss-making,
primarily due to continuing low turnover. The second half prospects for both
Nomenca, the mechanical & engineering subsidiary, and Special Projects look
particularly promising, although the Cable division will be affected by the
downturn in the telecommunications industry. Civil Engineering continues to be
a difficult market, whilst the water companies AMP3 programme roll-out
continues to be slow. Significant reductions in costs have been achieved in
this division. The Building market has remained buoyant, however, new orders
need to be secured to enable the excellent first half results to be
replicated.
Overall, a satisfactory level of orders has been secured for the remainder of
the year and for 2002 and satisfactory year end result should be achieved. In
anticipation of this, your Board is recommending a maintained interim dividend
of 1.50p per share, which will be paid on 22 September 2001 to the
Shareholders on the register at 7 September 2001.
RESULTS
The unaudited Group results for the half year ended 30 June 2001 are shown
below together with the unaudited Group results for the half year ended 30
June 2000 and the audited Group results for the year ended 31 December 2000.
Six Months to 30 June Year Ended
2001 2000 31 Dec 2000
#'000 #'000 #'000
Turnover 33,142 25,094 50,939
Group Profit before Taxation 1,136 1,036 2,239
Taxation (341) (310) (684)
Group Profit after Taxation 795 726 1,555
Minority Interest (47) (35) (56)
Profit attributable to Shareholders 748 691 1,499
Interim Dividend (147) (150) (395)
601 541 1,104
Dividend per share 1.50p 1.50p 4.00p
Earnings per share 7.63p 6.91 15.00p
In respect of the six months ended 30 June 2001 corporation tax has been
provided at 30% (2000 - 30%) of the profit without deferment.
BALANCE SHEET
The unaudited Group Balance Sheet at 30 June 2001 is shown below together with
the audited Group Balance Sheet at 31 December 2000.
30 June 2001 31 Dec 2000
#'000 #'000
Fixed Assets 3,170 2,841
Current Assets:-
- Stocks 5,411 4,202
- Debtors 16,204 13,080
- Cash at bank and in hand - 797
21,615 18,079
Creditors - Accounts falling due within one year (16,026) (12,863)
Net Current Assets 5,589 5,216
Total Assets less Current Liabilities 8,759 8,057
Creditors - Accounts falling due after more than
one year (242) (276)
Provisions for Liabilities and Charges (529) (410)
Net Assets 7,988 7,371
Capital & Reserves:-
- Called up Share Capital 980 980
- Capital Redemption Reserve 20 20
- Profit and Loss Account 6,834 6,233
Equity Shareholders Funds 7,834 7,233
Minority Interests 154 138
7,988 7,371
CASH FLOW Six Months Year
Ended Ended
30 June 31 Dec
2001 2000
#'000 #'000
Reconciliation of operating profit to net cash inflow
from operating activities
Operating Profit 1,164 2,290
Depreciation 420 769
Profit on sale of tangible fixed assets (32) (81)
Increase/(Decrease) in reinstatement reserve 119 (8)
(Decrease) in stocks (1,209) (2,297)
(Decrease) in debtors (3,124) (3,596)
(Decrease)/Increase in creditors (288) 1,951
Net cash outflow from operating activities (2,950) (972)
Cash Flow Statement
Net cash outflow from operating activities (2,950) (972)
Returns on investment and servicing of finance (28) (51)
Taxation - (98)
Capital expenditure (434) (299)
Equity dividends paid (245) (250)
Equity dividends paid to minority shareholders (31) (44)
Purchase of own shares - (111)
Cash outflow before use of liquid resources and
Financing (3,688) (1,825)
Financing - decrease in debt (316) (356)
Decrease in cash for the period (4,004) (2,181)
Reconciliation of net cash flow to movement in net
funds
Decrease in cash for the period (4,004) (2,181)
Cash outflow from decrease in hire purchase 316 356
Change in debt/funds resulting from cash flow (3,688) (1,825)
New hire purchase agreements (283) (594)
Movement in net funds in the year (3,971) (2,419)
Net funds at 1 January 2001 39 2,458
Net funds at 30 June 2001 (3,932) 39
The abridged profit and loss account for the year ended 31 December 2000 and
the balance sheet at 31 December 2000 are extracts from the latest published
accounts which have been delivered to the Registrar of Companies: the audit
report on these accounts was unqualified.
A copy of this circular will be sent to all Shareholders on 24 August 2001 and
copies will be available from the registered office, Nunn Close, The County
Estate, Huthwaite, Sutton-in-Ashfield, Nottinghamshire, for 14 days from
today's date.
Yours faithfully,
M. S. Garratt
Company Secretary
North Midland Construction PLC
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