Construction firm posts losses for second year in row
North Midland Construction has posted a second-year of pre-tax loss of 拢3m due to problems in the firm鈥檚 buildings and civils arm.
The loss for the year to December 2014 for the group, which posted a profit warning earlier this month, was actually a reduction from the 拢5.97m loss reported the previous year. Revenue at the group rose 8.8% to 拢193m.
North Midland Construction鈥檚 黑洞社区 and Civil Engineering division posted 拢6.22m in operating losses due to unforeseen delays and cost over-runs on the two major contracts which prompted the profit warning. However, North Midland Construction said it had made progress on the resolution on a number of its legacy contracts.
The firm鈥檚 M&E subsidiary Nomenca showed improving results for the year, with operating profit rising by 14.1% to 拢0.9m on revenue of 拢43.61m. Secured workload for 拢2105 stood at 拢155m.
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