The latest financial results for nmcn (formerly North Midland Construction Plc) show a strong financial performance with a 16.7% increase in revenue to £340.45 million - up from £291.77 million in the previous financial year.
The outlook for 2019 is increasingly positive with over 90% of budgeted revenue already secured to the value of approximately £320 million - a 7% increase compared to 2018 budgeted revenue secured at the same point in the previous year.
The results also showed an increased profit in 2018 with operating profit before tax up 500% to £6.02 million in 2018 against previously reported figures.
At a time when firms across the construction sector continue to struggle with delayed payments impacting on cash reserves, the national construction company has increased its year end cash balance by 96% to £33.35 million for the year ending 31 December 2018.
It also reduced its average payment period to 38 creditor days to ensure that funds flow promptly to its supply chain partners.
Last year also saw investment in a rebrand in November 2018 for the business, which has 12 offices across the UK and four off-site manufacturing facilities. It brought its 1800-strong team under one centralised brand, as part of a strategy to bring together technical expertise and innovation across its different business sectors.
Photo: John Homer, Chief executive officer nmc
John Homer, chief executive of nmcn, commented:
“Our results in 2018 demonstrate the achievements across the business against the targets in our strategic plan and provide a solid platform for further progress.
“There are positive signs of continued opportunities for us to grow in our chosen market sectors. Our forward order book is just over 90% of anticipated revenue for the year ahead with a healthy pipeline of future opportunities available.
“Our people remain our overarching differentiator and the driver for continued growth and we’re committed to the development of the talent within the business.
“For 2019 our strategy is guided by the launch of our Positive Impact Plan, which will enable us to focus on our mission of having a positive impact on everything we touch. This includes keeping our people at the centre of our approach and enabling them to maximise their potential, recognising and minimising our impact on the communities and areas in which we live and work, and thinking differently to build innovation into our activities and ensure we’re doing business in the best way we can.”
Photo caption: John Homer, Chief executive officer nmc
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