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North Midland suffers profit dent

Two loss-making jobs dented profits in the first half of 2007 at regional contractor North Midland.

One contract is done and the other only has months to run but pre-tax profits fell to £437,000 to £2 million despite turnover rising £21.8 million to £107.3 million.

Chairman Robert Moyle said: “The circumstances relating to these losses are isolated and have no bearing on the rest of the business.

The losses the anticipated full cost to completion based on current contract estimates.”
One bad jobs is a utility deal and sent this division into the red, while the other hampered profits at the civils arm but work at the building and M&E subsidiaries are well up on a year ago.