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North Midland issues profit warning

North Midland Construction said losses on two civil engineering contracts would hit its profits for the year ending December 31.

The Mansfield-based company did not say which jobs were involved, or how much the cost overruns would be.

North Midland has downgraded its full-year predictions once already, after it admitted problems with two jobs at its interim results.

The two problem contracts were a joint venture civils project in Halifax and a utilities scheme in Kent.

They caused the company's half-year pretax profits to drop 18 per cent from 2.42 million to £1.98 million, despite a 24 per cent increase in revenue to £107 million.