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North Midland increases profit by 49pc

North Midland Construction recorded a 49 per cent increase in profits and a 9 per cent gain in turnover in the first half of 2010.

The Nottinghamshire-based contractor recorded pre-tax profit of £2.04 million in the six months to 30 June, compared with £1.37m in the previous year. Revenue also increased from £71.3m to £77.9m.

The firm said that all divisions within the group were profitable with particular improvement in performance from the utilities division due to increases in workload from the telecommunications companies.

It said that its civil engineering division had also benefited from the start of the water industry’s AMP5 programme as well as the resolution of various schemes on the Minworth Project for Severn Trent Water.

Of its building division the firm said: “North Midland Building continues to be adversely affected by the downturn in demand and a nominal return was delivered, albeit on a revenue increased five fold. 

However tender opportunities are on the increase, though margins remain extremely competitive and further orders are required to deliver the forecast result for the year.”

North Midlands total secured revenue currently stands at £170 million, compared with market expectations of £184 million. 

Chairman Robert Moyle said: “I am confident that the market expectations for the full year will be achieved and the level of orders already secured for 2011 shows promise.”