Troubled civil engineering contractor now expects losses to hit £43m
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Troubled Huthwaite civil engineering contractor nmcn now says it expects to make a loss of £43m – and has further delayed the publication of its 2020 results.
The latest figure is some £19m more than nmcn predicted it would lose back in May. In June it suspended trading in its shares and announced a £24m rescue deal with Andrew Tinkler, the former boss of the Stobart Group, and his Svella vehicle which saw him take a majority share in the firm.
The losses are thought to be rooted in issues found in the firm’s building division.
Lee Marks, chief executive officer, said: “We are looking forward to fully recapitalising the business allowing us to normalise our relationships with our supply chain. Since joining I have been impressed by our people, and their dedication to our much-valued customer and supplier base, who are working alongside us to achieve an exciting future for nmcn. I look forward to leading the business into a new positive chapter alongside my Executive team and Svella plc.”