National engineering and construction company NM Group (North Midland Construction Plc) has seen turnover rise 19% and profits double, according to its half year financial results published today.
The firm has had a strong start to the year, with turnover of £160.86 million – an increase of 19 per cent compared to H1 2017.
The half year financial announcement shows £2.51 million in pretax profit, which is an increase of 103.6% on last year (H1 FY17 restated: £1.23 million).
With a growing £320 million pipeline of work, NM Group said it also has a solid order book of work for the remainder of the year. A
strong cash position has also been reinforced with a 138.4% increase to £18.89 million (H1 FY17: £7.93 million).
The Water segment continues to provide growth in both revenue and earnings on the back of peak levels of investment by the water companies in the middle of the AMP6 programme, coupled with high levels of activity on major joint venture projects currently under construction.
Operating profit advanced to £2.57 million (H1 FY17 restated: £1.00 million) on revenues increased by 32.4% to £112.07 million (H1 FY17 restated: £84.64 million). The results state that revenues of approximately £79,044,000 (2017: £55,483,000) within the Water segment were derived from a single external customer. The Group is forecasting maintained performance for the full financial year.
Headquartered in Huthwaite, Nottinghamshire, NM Group has 12 UK offices and four off-site manufacturing facilities. Its 1700-strong team delivers 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:
“It’s been a strong start to the year for our team. These results demonstrate the continued progress made in the business against our strategic objectives. Our focus on margin enhancement (104% ahead of last year) and cash generation (138% ahead of last year) is beginning to show returns and is anticipated to continue going forward.
“We continue to invest significantly in the development of our people and the evolution of our employer brand. It is our firm belief that our people are the overarching differentiator in the service that we provide and the primary driver for our continued success.
“The outlook for future trading remains positive and provides the opportunity to maximise earnings from our operations. The board is anticipating further revenue growth coupled with an enhanced margin percentage.”
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