2nd Apr 2015 07:47
LONDON (Alliance News) - North Midland Construction PLC on Thursday said it expects to book further provisions in its 2014 results related to ongoing legacy contract issues, driving a wider than expected full year loss, although it said the underlying performance of the business is set to be ahead of its forecasts.
North Midland said an ongoing review of outstanding legacy contracts, secured at the height of the downturn, is expected to result in more provisions being booked in its results for the year to the end of December.
The company said the further provisions mean it now expects a materially wider pretax loss for the year.
It said the underlying performance of the business, however, is set to be ahead of its expectations and said its current level of secured revenue and underlying performance is encouraging.
It will publish its full-year results on April 20.
The company reported a pretax loss of GBP6.0 million in 2013, compared with a profit of GBP710,000 in 2012. N+1 Singer had expected it to report a loss of GBP950,000 in 2014, according to data on Morningstar.
North Midland shares were down 0.8% to 119.99 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
North Midland Construction