Our annual financial results are released today, with NM Group (North Midland Construction Plc) seeing turnover rise to £291.77 million – an increase of 16.5 per cent on the previous year.
We have a solid £299 million pipeline of work too, which equates to more than 90% of our budgeted revenue for 2018. It also showed an increasingly strong cash position of £17.01 million, an increase of 49.2%.
Underlying profit before tax increased by 40.4% to £8.30 million. However, an operational profit of £1 million was reported and incorporated the impact of a legacy contract.
With 12 UK offices across the UK, our 1,500-strong team works in partnership with customers to deliver major built environment and critical national infrastructure projects across the UK – from buildings and highways to large-scale water networks and treatment plants.
John Homer, chief executive of NM Group, said: “Our people are fundamental to our ongoing success and we continue to nurture industry skills and invest in the development of our team.
“It’s been a record year in terms of turnover and we have built strong foundations for the coming year, with more than 90% of workload for our budgeted turnover for 2018 secured and a healthy pipeline of future opportunities. We are pleased by the underlying position and in particular the success achieved on driving our cash balance and the quality of the forward order book.
“While the outcome of a remaining legacy contract has had an impact on profit levels, we have clear signs of continued growth for the future. Our strategy is focused on realising the potential that exists for us to prosper through careful selection and execution of the work that we take on.”
Our financial results (to year end 31 December 2017) are available here: /who-we-are/our-investors/regulatory-news/rns-announcement/3443891