Today we announced our financial results, with a significant rise of revenue by 19% to £404.66m and an increase in profit by 24% to £7.44m for the year ending December 31 2019.
Our cash position remains positive, with a year-end balance of £25.8m.
The financial results statement for 2019 indicated a significant growth within our water segment which increased by 15.6%, an uplift of £38m. To enhance this growth further in 2020, our two water business units are being amalgamated under one senior leadership team to provide a co-ordinated and cohesive approach.
Following the introduction of a new operating structure and a change in leadership, our telecoms business unit had an increase in operating profit to £1.43m in 2019.
We entered the current year following a strong performance in 2019 and over recent weeks we have been adjusting to the rapidly evolving challenges of COVID-19.
We have implemented a temporary and voluntary reduction in the remuneration of the directors of 20 per cent and a 10 per cent reduction for our senior management team. All non-essential capital and overhead expenditure has been deferred while measures have been taken to reduce cash outflows, including the deferral of VAT payments and financing costs. We have also put a number of our employees on furlough, while the board will not recommend a final dividend.
John Homer, our chief executive officer said: “The 2019 results reflected a strong underlying performance with good progress towards achieving the targets of our strategic plan and building a solid platform for further growth. The strength of our ongoing operations allowed us to continue to exercise rigour in the work that we chose to take on, whilst our talented people remained the overarching differentiator in delivering our strategy.
“After a year of much activity, including our first acquisition for many years and prudent balance sheet management, it’s allowed us to close the year with net cash of over £25 million.
“In the near-term we need collectively to focus on confronting the implications of COVID-19 and the commitment of our highly skilled and dedicated workforce will once again be a major factor in achieving this. We are confident of nmcn’s ability to navigate these unprecedented circumstances and to emerge as a strong contender in our chosen markets. We are closely monitoring the COVID-19 situation and strictly adhering to government guidelines whilst communicating and collaborating with our colleagues, our customers, our supply chain partners and other stakeholders.”
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