20th Sep 2016 07:25
LONDON (Alliance News) - Mountfield Group PLC on Tuesday said there was been no Brexit blow to demand for its services in the first half of 2016 and activity had continued undiminished.
The AIM-listed construction company said revenue for the six months ended June 30 fell to GBP4.9 million from GBP7.3 million a year earlier, but reported increased pretax profit of GBP316,417 from GBP245,640. Mountfield said it took steps to reduce operating costs in the period, and both administrative expenses and finance costs were down.
Mountfield said it expects further improvement in profit levels in the second half of 2016, noting it had not seen any reduction in demand for the services it offers following the Brexit vote.
Mountfield said its Mountfield Building Group Ltd business primarily now undertakes contracts of a low-risk nature, direct for its clients in various areas of specialist construction including the construction for data centres, commercial and residential properties. This, together with reduced overheads, has enabled it to operate profitably, it said.
"It is very encouraging that demand for the services of the group companies have not been reduced since the Brexit vote and the state of activity that we saw ahead of the vote has continued undiminished," said Chief Executive Andy Collins.
Shares in Mountfield were untraded on Tuesday, having last traded at 1.30 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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