Interim Results
September 16 2004 - 10:09AM
UK Regulatory
RNS Number:0400D
North Midland Construction PLC
16 September 2004
NORTH MIDLAND CONSTRUCTION PLC
2004 INTERIM RESULTS
North Midland Construction PLC ("the Company") the UK provider of civil
engineering, building, mechanical and electrical services to public and private
organisations, announces interim results for the six months ended 30 June 2004.
Highlights from the results and the Chairman's Statement:-
Six Months Ended Six Months Ended
30 June 2004 30 June 2003
#'000 #'000
Turnover 46,942 39,857
Profit before Tax 1,528 1,258
Net Profit after Tax 1,069 881
Earnings per Share 10.17p 8.17p
Dividends 2.0p 1.5p
* Record half year in terms of Turnover and Profitability.
* All aspects of the Group trading profitably.
* Significant Term Contracts secured with ntl, Kingston
Communications and Marconi.
* Secured workload at record levels.
* Interim dividend of 2.0p (2003 : 1.5p).
For further information:-
Robert Moyle, Chairman - 01623 518812
North Midland Construction PLC
Mike Garratt, Finance Director - 01623 518816
North Midland Construction PLC
16 September 2004
01623 518812
INTERIM REPORT for the half year to 30 June 2004
CHAIRMAN'S STATEMENT
The first half year has continued to illustrate the growth of the Company and
shows a further progression over the comparable period last year, with turnover
up by 17.7% and, more importantly, profit before taxation up by 21.5%.
All the constituent divisions of the Group are trading profitably. North
Midland Building results are slightly in advance of the comparable period for
2003, whilst those of Nomenca are slightly behind. However, with Group secured
orders in hand of #70m and the recent award of several significant contracts,
this will ensure that the forecasts for the year will be achieved.
In view of the improved results, your Board is recommending an increased interim
dividend of 2.00p (2003 - 1.50p) per share, which will be paid on 8 October 2004
to the Shareholders on the register at 24 September 2004.
R Moyle
Chairman
North Midland Construction PLC
RESULTS
The unaudited Group results for the half year ended 30 June 2004 are shown below
together with the unaudited Group results for the half year ended 30 June 2003
and the audited Group results for the year ended 31 December 2003.
Six Months to 30 June Year Ended
2004 2003 31 Dec 2003
#'000 #'000 #'000
Turnover 46,942 39,857 82,294
Group Profit before Taxation 1,528 1,258 2,932
Taxation (459) (377) (899)
Group Profit after Taxation 1,069 881 2,033
Minority Interest (72) (80) (197)
Profit attributable to Shareholders 997 801 1,836
Interim Dividend (196) (147) (490)
801 654 1,346
Dividend per share 2.00p 1.50p 5.00p
Earnings per share 10.17p 8.17p 18.73p
In respect of the six months ended 30 June 2004 corporation tax has been
provided at 30% (2003 - 30%) of the profit without deferment.
BALANCE SHEET
The unaudited Group Balance Sheets at 30 June 2004 and 30 June 2003 are shown
below together with the audited Group Balance Sheet at 31 December 2003.
30 June 31 Dec
2004 2003 2003
#'000 #'000 #'000
Fixed Assets 4,727 4,258 4,011
Current Assets:-
- Stocks 3,867 4,821 3,401
- Debtors 22,988 15,894 23,133
- Cash at bank and in hand 971 2,067 2,816
27,826 22,782 29,350
Creditors - Accounts falling due within one
year (19,909) (16,072) (21,679)
Net Current Assets 7,917 6,710 7,671
Total Assets less Current Liabilities 12,644 10,968 11,682
Creditors - Accounts falling due after more
than one year (584) (429) (390)
Provisions for Liabilities and Charges (169) (233) (189)
Net Assets 11,891 10,306 11,103
Capital & Reserves:-
- Called up Share Capital 980 980 980
- Capital Redemption Reserve 20 20 20
- Profit and Loss Account 10,455 8,962 9,654
Equity Shareholders Funds 11,455 9,962 10,654
Minority Interests 436 344 449
11,891 10,306 11,103
CASH FLOW Six Months Ended Year Ended
2004 2003 2003
#'000 #'000 #'000
Reconciliation of operating profit to net cash inflow/
(outflow)from operating activities
Operating Profit 1,550 1,284 2,976
Depreciation 528 486 986
Profit on sale of tangible fixed assets (64) (33) (87)
(Decrease) in reinstatement reserve (20) (117) (161)
(Decrease) in stocks (466) (1,585) (165)
Decrease/(Increase) in debtors 145 2,761 (4,478)
(Decrease)/Increase in creditors (1,687) (2,267) 2,925
Net cash (outflow)/inflow from operating activities (14) 529 1,996
Cash Flow Statement
Net cash (outflow)/inflow from operating
activities (14) 529 1,996
Returns on investment and servicing of
finance (22) (26) (44)
Taxation (582) (380) (628)
Capital expenditure (554) (916) (969)
Equity dividends paid (343) (294) (441)
Equity dividends paid to minority shareholders (85) (72) (77)
Cash (outflow) before use of liquid
resources and Financing (1,600) (1,159) (163)
Financing - decrease in debt (245) (247) (494)
(Decrease) in cash for the period (1,845) (1,406) (657)
Reconciliation of net cash flow to movement in net funds
(Decrease) in cash for the period (1,845) (1,406) (657)
Cash outflow from decrease in hire purchase 245 247 494
Change in debt/funds resulting from cash flow (1,600) (1,159) (163)
New hire purchase agreements (626) (460) (606)
Movement in net funds in the period (2,226) (1,619) (769)
Net funds at 1 January 2004 2,006 2,775 2,775
Net funds at 30 June 2004 (220) 1,156 2,006
The abridged profit and loss account for the year ended 31 December 2003 and the
balance sheet at 31 December 2003 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 17 September 2004
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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