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NMCN PLC (NMCN)

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Tuesday 23 February, 2021

NMCN PLC

Trading Update and Notice of Results

RNS Number : 0764Q
NMCN PLC
23 February 2021
 

23 February 2021

 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

 

NMCN PLC

("nmcn" or "the Company" or "the Group")

 

Trading Update

and

Notice of Results

 

 

Following our announcement of 23 December 2020, additional costs on two major contracts within the Water division, have been identified which the Board believes could aggregate on a prudent basis to a further £5.0 million of losses in FY 2020. A significant proportion of these losses are attributable to COVID-19 and programme delivery delays, as well as costs associated with process commissioning and handover.

 

As a consequence of these developments, the Group is now likely to report losses before tax of up to £22 million for the year ending 31 December 2020.  In cash terms there will be a limited short-term impact given that the extra costs will be spread over a period of 28 months.

 

Subject to the approval of a resolution to extend the borrowing limit within the Company's articles at the General Meeting on the 26 February 2021, the Company expects to complete on a medium-term financing package secured against its property development projects shortly thereafter.  The Board will continue to work with Arrowpoint Advisory to determine a longer-term financing structure in the coming months.

 

 

Notice of results

It is anticipated that the 2020 preliminary results will be released by the end of April 2021, at which time a further update on trading will be provided.

 

Enquiries:

 

nmcn Plc - 01623 515008

Ian Elliott, Acting Chairman

Robert Moyle, Acting Chief Executive

Alan Foster, Chief Financial Officer

 

 

 

About nmcn

nmcn Plc (TIDM: NMCN) is a leading engineering and construction company in the UK. Its talented 1,700-strong team offers multi-sector engineering and construction skills, technical innovation, design, and specialist fabrication.

The Company delivers major built environment and water industry projects across the UK - from buildings and highways to large-scale water networks and treatment plants. With its history dating back to 1946, nmcn now has 12 UK offices and three off-site manufacturing facilities.

LEI Number:  213800ANYQVA5OS51A68

www.nmcn.com

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