Nmcn has just completed 10 houses in Nottingham for private sale and appointed estate agents. It now has two further developments under construction: 11 houses in its home town of Sutton-in-Ashfield and 38 in Southwall.
Two further sites in Beeston and Etwall have been purchased, but construction has not yet started.
The company is investing 拢14m cash in its current development pipeline 鈥� money generated by a return to health of the core contracting business.
In a trading update today Nmcn reveals that it has started 2019 with strong growth in revenue and profitability. For the first quarter of 2019, Nmcn鈥檚 revenue increased by 27% to 拢94.4m and profitability by 170% to 拢1.75m.聽
Net margin for the three-month period was 1.85%, which the board described as a 鈥榬eturn to a more satisfactory level鈥�.
Revenue from the water business was up 41% to 拢70.2m and profitability doubled to 拢1.53m.聽
The company鈥檚 built environment business has returned to profitability, making a 拢220,000 profit for the quarter instead of the 拢100,000 loss seen in the same period last year, mainly thanks to improvement in the previously loss-making telecom's unit. On the back of this, Nmcn has negotiated a one-year extension to its Virgin Media term contract.
The highways unit experienced a slow start to the year due to an up-front investment in the Highways England regional delivery partnership framework but no work on site starting until next year.聽
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