18th Feb 2016 08:06
LONDON (Alliance News) - North Midland Construction PLC on Thursday said its profit for the year will be significantly below its expectations after the resolution of legacy contracts proved weaker than expected.
The company said it has now concluded the resolution of a series of legacy contracts, with only one left to conclude, but the settlement figures it had expected have not been achieved, resulting in total additional losses of GBP3.1 million.
Solid trading means the group expects to post a profit for 2015, but this will be significantly below its previous expectations.
Its order book for 2016 sits at GBP195.0 million and North Midland said it was confident on its outlook.
Still, shares in the company opened down 13% to 98.00 pence on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
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