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North Midland Construction makes 2014 loss of £6.2m after project problems

North Midland Construction made a loss of £6.2m from its building and civils arm in 2014 due to cost over-runs on two major projects.

The losses contributed to the firm making an overall loss for the second year in succession.

However, North Midland’s overall operating loss of £2.8m marked an improvement on last year’s figure of £5.9m.

Turnover at the firm grew by 9 per cent from £177.6m in 2013 to £193.2m.

In a statement to the stock market this morning, North Midland said it would divide its civils and building divisions into two separate entities, with the latter to be managed by a newly recruited team.

In the statement, the company said: “The underlying performance of both the civil and building elements was profitable and the new strategy adopted has been successful, with a high level of repeat business being secured with existing blue chip clients and a major student accommodation scheme in Leicester recently being awarded to the building division.”

North Midland has a secured order book of around £155m for the current year, which it said represented a “significant proportion” of its 2015 budget.

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