The first half of 2019 has been another strong period for nmcn with a 14.1% revenue increase compared with H1 2018 – taking it to £183.9m for the six months to 30 June 2019
Our interim results statement for the first six months of the 2019 financial year has also seen a 38.4% pre-tax profit increase to £3.5m, up from £2.5m in the same period last year. In addition, cash balances have improved 36.5% to £25.8m.
The outlook for the remainder of 2019 and into 2020 is also looking positive with a secured order book for completion in 2019 of £356m likely to outperform the board’s positive expectation.
John Homer chief executive officer said: “The first half of 2019 has been one of continued growth for the business across all sectors. We’ve seen significant increases across both revenue and operating profit along with a strong increase in our cash balances compared with the first half of last year.”
“For the remainder of 2019 and into 2020 the outlook is also looking strong as we start work on several major contract wins. Amongst these is the first scheme to come from our place on the Highways England Regional Development Partnership – a £28m scheme for junction improvements to the M621, due to start in 2020 following the completion of the design stage later this year.”
A return to profit of the telecoms business unit, following the impact of legacy contracts in previous periods, means that all our business units are now making strong progress. For telecoms this has meant an operating profit of £0.5m in H1 2019.
As a whole, the built environment business unit has fended off industry-wide delays to major highways and construction schemes resulting from uncertainty in the marketplace to secure a sustainable revenue growth of 6.3% compared with H1 2018.
Our water business unit meanwhile continues to perform strongly with a 17.5% half year revenue increase to £132.1m and a 14.2% operating profit increase to £3.0m in the first six months of 2019.
John added: “The board has been encouraged by the positive performance in the first half of the year and optimistic about the outlook for the second part of the year and beyond. Our forward order book is strong and we continue to invest in our people and our infrastructure for the future.”
“Outside of the financial performance, the first half of 2019 has also seen us further embed the new united nmcn brand across the business and with our external stakeholders. Earlier this year we launched our ‘Positive Impact Plan 2025’, which outlines our commitment to people, our communities, our supply chain and our environment.”
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