North Midland’s trading update is mixed. The company details unexpected losses of £3.1m relating to the resolution and conclusion of a number of legacy contracts. However, stronger than expected underlying trading has offset some of the impact of these losses. The company now expects to achieve reported PBT of c.£0.6m for the year to 31st December 2015 vs. our forecast of £2.0m. North Midland has been dogged by a number of legacy contracts, but after today’s statement, only one problematic contr ....
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Positive underlying trading; legacy contracts prompt downgrades
- Published:
18 Feb 2016 -
Author:
Greg Poulton -
Pages:
3
North Midland’s trading update is mixed. The company details unexpected losses of £3.1m relating to the resolution and conclusion of a number of legacy contracts. However, stronger than expected underlying trading has offset some of the impact of these losses. The company now expects to achieve reported PBT of c.£0.6m for the year to 31st December 2015 vs. our forecast of £2.0m. North Midland has been dogged by a number of legacy contracts, but after today’s statement, only one problematic contr ....