Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NORTH MIDLAND CONSTRUCTION. We currently have 6 research reports from 1 professional analysts.
|24Nov16 02:38||RNS||TR-1: Notification of Major Interest in Shares|
|01Nov16 03:47||RNS||Director/PDMR Shareholding|
|18Aug16 07:00||RNS||Interim Results|
|09Jun16 02:19||RNS||TR-1: Notification of major interest in shares|
|08Jun16 07:00||RNS||Performance Share Plan Awards|
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NORTH MIDLAND CONSTRUCTION
NORTH MIDLAND CONSTRUCTION
Return to profitability; Results in line with previous guidance
01 Apr 16
North Midland’s results are in line with the previous guidance given at the time of the February trading update. FY’15 marked a return to full year profitability for the Group. North Midland has been held back by a number of legacy contracts, but now only one problematic contract remains. The business is de-risked and management can now focus its efforts on further improving the Group’s underlying trading performance. The secured order book for the current financial year (c.£181m) and a solid pipeline of potential orders under existing frameworks underpin cautious optimism in the Group’s medium term outlook.
Positive underlying trading; legacy contracts prompt downgrades
18 Feb 16
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 contract remains. This de-risks the business and should allow the management team to focus its efforts on further improving the Group’s underlying trading performance.
Return to profitability; Progress in legacy contracts
13 Aug 15
North Midland Construction has reported a return to profitability in H1, with PBT of £0.1m (H1’14: £0.4m, FY’14: -£3.0m). Revenue was up 17.9% YoY to £107.2m (H1’14: £91.0m), supported by a strong performance in highways and Nomenca. We are encouraged by signs that the legacy contracts that have dogged the business are coming closer to resolution, with one contract set to be concluded in mid-September and the contractual matters of another expected to be finalised imminently. We have nudged up our revenue forecasts, but leave profit forecasts unchanged, with an expected return to full year profitability in FY’15.
Panmure Morning Note 30-11-2016
30 Nov 16
RPC, the international plastics products design and engineering group, has delivered yet another strong set of results (1H17 EBITDA +65%, EPS +45%). At the interim stage PBT was +66% (materially better than we had forecast). Topline growth has principally being driven by acquisitions (GCS + BPI), though organic remains a feature (and crucially remains at levels consistent with FY16). The two recent acquisitions have quickly been assimilated into the panEuropean platform and management has raised cost synergy guidance (again).
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.