Interim Results
10 September 2003 - 4:01PM
UK Regulatory
RNS Number:6147P
North Midland Construction PLC
10 September 2003
NORTH MIDLAND CONSTRUCTION PLC
10 SEPTEMBER 2003
INTERIM REPORT FOR THE HALF YEAR TO 30 JUNE 2003
CHAIRMAN'S STATEMENT
The first half year has shown a further progression over the comparable period
last year, with a modest increase in profits and record turnover.
All divisions within the Group continue to trade profitably, whilst the Nomenca
subsidiary has had an exceptional first half. The results for North Midland
Building were slightly behind those of the previous year, due to some delays in
contract awards. A strong second half for this Company is anticipated.
The high level of secured turnover, coupled with a promising level of enquiries,
will ensure that the year's budget forecasts are achieved.
Your Board is recommending a maintained interim dividend of 1.50p per share,
which will be paid on 26 September 2003 to the Shareholders on the register at
19 September 2003.
RESULTS
The unaudited Group results for the half year ended 30 June 2003 are shown below
together with the unaudited Group results for the half year ended 30 June 2002
and the audited Group results for the year ended 31 December 2002.
Six Months to 30 June Year Ended
2003 2002 31 Dec 2002
#'000 #'000 #'000
Turnover 39,857 33,974 78,035
Group Profit before Taxation 1,258 1,233 2,815
Taxation (377) (370) (871)
Group Profit after Taxation 881 863 1,944
Minority Interest (80) (53) (152)
Profit attributable to Shareholders 801 810 1,792
Interim Dividend (147) (147) (441)
654 663 1,351
Dividend per share 1.50p 1.50p 4.50p
Earnings per share 8.17p 8.27p 18.29p
In respect of the six months ended 30 June 2003 corporation tax has been
provided at 30% (2002 - 30%) of the profit without deferment.
BALANCE SHEET
The unaudited Group Balance Sheets at 30 June 2003 and 30 June 2002 are shown
below together with the audited Group Balance Sheet at 31 December 2002.
30 June 31 Dec.
2003 2002 2002
#'000 #'000 #'000
Fixed Assets 4,258 3,269 3,335
Current Assets:-
- Stocks 4,821 2,587 3,236
- Debtors 15,894 19,204 18,655
- Cash at bank and in hand 2,067 - 3,473
22,782 21,791 25,364
Creditors - Accounts falling due within one
year (16,072) (15,523) (18,354)
Net Current Assets 6,710 6,268 7,010
Total Assets less Current Liabilities 10,968 9,537 10,345
Creditors - Accounts falling due after more
than one year (429) (248) (352)
Provisions for Liabilities and Charges (233) (430) (356)
Net Assets 10,306 8,859 9,637
Capital & Reserves:-
- Called up Share Capital 980 980 980
- Capital Redemption Reserve 20 20 20
- Profit and Loss Account 8,962 7,620 8,308
Equity Shareholders Funds 9,962 8,620 9,308
Minority Interests 344 239 329
10,306 8,859 9,637
CASH FLOW Six Months Ended Year Ended
2003 2002 2002
#'000 #'000 #'000
Reconcilliation of operating profit to net cash inflow/
(outflow)from operating activities
Operating Profit 1,284 1,264 2,849
Depreciation 486 425 867
Profit on sale of tangible fixed assets (33) (39) (84)
Decrease in reinstatement reserve (117) (45) (116)
(Increase)/Decrease in stocks (1,585) 1,063 414
Decrease/(Increase) in debtors 2,761 (2,834) (2,285)
(Decrease)/Increase in creditors (2,267) (504) 3,525
Net cash inflow/(outflow) from operating activities 529 (670) 5,170
Cash Flow Statement
Net cash inflow/(outflow) from operating
activities 529 (670) 5,170
Returns on investment and servicing of
finance (26) (31) (34)
Taxation (380) (75) (708)
Capital expenditure (916) (236) (404)
Equity dividends paid (294) (245) (392)
Equity dividends paid to minority shareholders (72) (31) (39)
Cash (outflow)/inflow before use of liquid
resources and Financing (1,159) (1,288) 3,593
Financing - decrease in debt (247) (275) (538)
(Decrease)/Increase in cash for the period (1,406) (1,563) 3,055
Reconciliation of net cash flow to movement in net funds
(Decrease)/Increase in cash for the period (1,406) (1,563) 3,055
Cash outflow from decrease in hire purchase 247 275 538
Change in debt/funds resulting from cash flow (1,159) (1,288) 3,593
New hire purchase agreements (460) (217) (512)
Movement in net funds in the period (1,619) (1,505) 3,081
Net funds at 1 January 2003 2,775 (306) (306)
Net funds at 30 June 2003 1,156 (1,811) 2,775
The abridged profit and loss account for the year ended 31 December 2002 and the
balance sheet at 31 December 2002 are extracts from the latest published
accounts which have been delivered to the Registrar of Companies: the audit
report on these accounts was unqualified.
A copy of this circular will be sent to all Shareholders on 11 September 2003
and copies will be available from the registered office, Nunn Close, The County
Estate, Huthwaite, Sutton-in-Ashfield, Nottinghamshire, for 14 days from today's
date.
Yours faithfully,
M. S. Garratt
Company Secretary
North Midland Construction PLC
This information is provided by RNS
The company news service from the London Stock Exchange
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