9th Aug 2018 09:41
LONDON (Alliance News) - Building firm North Midland Construction PLC doubled its interim dividend Thursday after profit doubled on higher margins and revenue growth.
For the six months ended June 30, pretax profit doubled to GBP2.5 million from GBP1.2 million the year prior. This was after revenue rose 19% to GBP160.9 million from GBP135.1 million the year before.
The current order book to be delivered in the remainder of 2018 stands at GBP320 million. At the same point in 2017, it stood at GBP270 million.
North Midland proposed a 6.0 pence per share interim dividend, double the 3.0p announced the year prior.
"These results demonstrate the continued progress made in the business against our strategic objectives," North Midland Chief Executive Officer John Homer said. "Our focus on margin enhancement and cash generation is beginning to show returns and is anticipated to continue going forward."
"We continue to invest significantly in the development of our people and the evolution of our employer brand," Homer added. "It is our firm belief that our people are the overarching differentiator in the service that we provide and the primary driver for our continued success."
"The outlook for future trading remains positive and provides the opportunity to maximise earnings from our operations," Homer continued. "The board is anticipating further revenue growth coupled with an enhanced margin percentage."
Shares in North Midland were 40% higher at 468.50 pence on Thursday.