Interim Results
August 15 2002 - 11:18AM
UK Regulatory
RNS Number:0295A
North Midland Construction PLC
15 August 2002
NORTH MIDLAND CONSTRUCTION PLC
15 August 2002
INTERIM REPORT for the half year to 30 June 2002
CHAIRMAN'S STATEMENT
The first half year has shown further progression with both profits and turnover
at increased levels over the comparable period last year.
All divisions within the Group are trading profitably with the results from
Civil Engineering and Nomenca being particularly promising on the back of
increased spend by the water companies. Geographical expansion continues with
the opening of a new regional office in Bristol.
The order level stands at an all-time high and this should provide the
cornerstone for a year end result in excess of last year. In anticipation of
this, your Board is recommending a maintained interim dividend of 1.50p per
share, which will be paid on 20 September 2002 to the Shareholders on the
register at 23 August 2002.
RESULTS
The unaudited Group results for the half year ended 30 June 2002 are shown below
together with the unaudited Group results for the half year ended 30 June 2001
and the audited Group results for the year ended 31 December 2001.
Six Months to 30 June
Year Ended
2002 2001 31
Dec 2001
#'000 #'000
#'000
Turnover 33,974 33,142
62,527
Group Profit before Taxation 1,233 1,136
1,828
Taxation (370) (341)
(592)
Group Profit after Taxation 863 795
1,236
Minority Interest (53) (47)
(120)
Profit attributable to Shareholders 810 748
1,116
Interim Dividend (147) (147)
(392)
663 601
724
Dividend per share 1.50p 1.50p
4.00p
Earnings per share 8.27p 7.63p
11.39p
In respect of the six months ended 30 June 2002 corporation tax has been
provided at 30% (2001 - 30%) of the profit without deferment.
BALANCE SHEET
The unaudited Group Balance Sheet at 30 June 2002 is shown below together with
the audited Group Balance Sheet at 31 December 2001.
30 June 2002 31
Dec 2001
#'000
#'000
Fixed Assets 3,269
3,202
Current Assets:-
- Stocks 2,587
3,650
- Debtors 19,204
16,370
- Cash at bank and in hand -
418
21,791
20,438
Creditors - Accounts falling due within one year (15,523)
(14,745)
Net Current Assets 6,268
5,693
Total Assets less Current Liabilities 9,537
8,895
Creditors - Accounts falling due after more than
one year (248)
(247)
Provisions for Liabilities and Charges (430)
(475)
Net Assets 8,859
8,173
Capital & Reserves:-
- Called up Share Capital 980
980
- Capital Redemption Reserve 20
20
- Profit and Loss Account 7,620
6,957
Equity Shareholders Funds 8,620
7,957
Minority Interests 239
216
8,859
8,173
CASH FLOW Six Months Ended
Year Ended
30 June 2002
31 Dec 2001
#'000
#'000
Reconcilliation of operating profit to net cash (outflow)/
inflow from operating activities
Operating Profit 1,264
1,921
Depreciation 425
836
Profit on sale of tangible fixed assets (39)
(64)
(Decrease)/Increase in reinstatement reserve (45)
88
Decrease in stocks 1,063
552
(Increase) in debtors (2,834)
(3,290)
(Decrease)/Increase in creditors (504)
2,104
Net cash (outflow)/inflow from operating activities (670)
2,147
Cash Flow Statement
Net cash (outflow)/inflow from operating activities (670)
2,147
Returns on investment and servicing of finance (31)
(93)
Taxation (75)
(830)
Capital expenditure (236)
(573)
Equity dividends paid (245)
(392)
Equity dividends paid to minority shareholders (31)
(44)
Cash (outflow)/inflow before use of liquid resources and
Financing
(1,288)
215
Financing - decrease in debt (275)
(594)
Decrease in cash for the period (1,563)
(379)
Reconciliation of net cash flow to movement in net funds
Decrease in cash for the period (1,563)
(379)
Cash outflow from decrease in hire purchase 275
594
Change in debt/funds resulting from cash flow (1,288)
215
New hire purchase agreements (217)
(560)
Movement in net funds in the period (1,505)
(345)
Net funds at 1 January 2002 (306)
39
Net funds at 30 June 2002 (1,811)
(306)
The abridged profit and loss account for the year ended 31 December 2001 and the
balance sheet at 31 December 2001 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 16 August 2002 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
This information is provided by RNS
The company news service from the London Stock Exchange
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