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


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