Civils specialist now expects to end up 拢22m in red

The scale of the task facing the incoming boss of NMCN was underlined in a trading update yesterday with the civils specialist revising the amount it is expected to lose in 2020 upwards for a second time.

Lee Marks, who has been with NG Bailey for more than seven years, will join in the first half of this year and replaces John Homer, who left in September last year after more than four years at the company.

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Problem water contracts have added a further 拢5m to the firm鈥檚 expected 2020 loss

The firm said the exact date when Marks, Bailey鈥檚 group commercial director and who was also commercial director at Galliford Try鈥檚 building business, will be announced at a later stage.

But NMCN said it is now expected to report 2020 pre-tax losses of 拢22m 鈥� up from a previous estimate of 拢16.5m and an original projection of losses between 拢13.5m and 拢15m.

It blamed the latest revision on two problem water contracts which it said had racked up an extra 拢5m in losses last year. 鈥淎 significant proportion of these losses are attributable to covid-19 and programme delivery delays, as well as costs associated with process commissioning and handover,鈥� it added.

The firm said it expects to release its 2020 full-year results at the end of April.

For 2019, NMCN posted a pre-tax profit of 拢7.4m on turnover of 拢405m.

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