Profits soar at North Midland
North Midland Construction has more than doubled its profits for the six months ending 30 June.
Profits have soared from £510,000 in 2016 to £1.22m this year – a rise of 138.3%. Turnover has also risen by 4.3% to £135.1m.
The results have been boosted by a return to profitability of North Midland’s telecommunications division, which in 2016 posted a loss of £1.56m.
John Homer, chief executive at the Huthwaite firm, said: “These results demonstrate the continued strategic advancement made in the business during the trading period. Our focus on enhanced margins and cash generation is beginning to become apparent and is anticipated to continue going forwards.
“We continue to invest significantly in the development of our talent pool as we believe that our people are the overarching differentiator and the driver for our continued success.
The outlook for our future trading remains positive and provides the opportunity to further improve the earnings from our operations. The Board is anticipating enhanced like-for-like revenue growth in the second half of the year, coupled with an enhanced operating margin percentage.”
