26th Sep 2013 12:22
LONDON (Alliance News) - Construction company Mountfield Group PLC Thursday said pretax profit declined for the first half, as delayed contracts affected its results.
The company, which specialises in building, fitting out and refurbishing commercial buildings, posted pretax profit of GBP235,835 for the period ended 30 June, up from GBP371,465 a year earlier, as a result of the delayed start on certain contracts.
Revenue declined to GBP5.2 million, from GBP8.6 million in 2012 for the same reason, it said.
However, Mountfield said contracted work for completion in 2013 exceeded GBP11 million in value, which is the highest at this stage of the year since 2008.
"Activity levels have been high, the pipeline continues to grow and the number and quality of new opportunities on offer to the group are highly encouraging," the firm said.
Mountfield said it was confident that full year estimates would meet expectorations, with a larger proportion of income falling within the second half.
The company's cash flow improved to GBP197,000, from GBP103,000 a year earlier. It also raised GBP450,000 to provide capital and to finance its order book.
The stock was trading at 1.78 pence Thursday, up 0.25 pence, 12.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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