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North Midland reports increase in Q1 profit and turnover

North Midland Construction has reported a 32.6 per cent increase in pre-tax profit in the first quarter of 2010 compared to last year.

In a trading update North Midland said it had turned a £600,000 profit in the first quarter on turnover up 6.7 per cent to £38 million compared with a year earlier.

The group’s secured workload that will be completed within the current financial year stands presently at £154 million.

The trading update said: “All divisions within the Plc are trading profitably, with an enhanced performance from the utilities division.

“The Nomenca subsidiary has delivered a positive performance, with profitability reduced to £0.1million from £0.15million for the quarter.

“The building subsidiary, however, has, due to the extremely competitive margins prevailing, returned a small loss of £21,000. Confidence is high that this situation will be rectified by the year end.

“There has been positive cash generation during the period and the group’s banking facilities have recently been extended.”