19th Nov 2013 13:56
LONDON (Alliance News) - North Midland Construction PLC Tuesday said it widened its net loss for its third quarter as completion costs of two key contracts hit company finances.
The civil engineering and building contractor said its net loss widened to GBP430,000 for the three months ended September 30 from GBP340,000 in the same period the previous year.
However, North Midland said the company returned to a net profit in September, achieving GBP230,000 during the month.
The company said there has been a modest upturn in UK construction activity in the last quarter, leading to a 4.3% revenue increase to GBP39.9 million.
North Midland said its Building and Civil Engineering division has been completely restructured and its subsidiary, NMC Nomenca is performing ahead of its expectations.
The company also said it is uncertain of the completion costs of two major building and civil engineering contracts which could have a material impact on its results for the year but that an improvement on its half year result is still anticipated.
North Midland shares were down 3.5% to 138.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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