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18/02/2016
NMC Reveals £3.1m Loss Due To Contract Disputes
North Midland Construction (NMC) has revealed a series of long-running contract disputes has cost the business over £3 million.
In a statement today, 18 February, the firm announced a number of legacy contract issues have been resolved.
However, the lengthy quarrels have cost the company £3.1m in profits.
"The resolution of certain previously referred to legacy contracts across the Group has now been concluded and the settlement figures expected have not been achieved, resulting in additional total losses of £3.1 million," NMC said.
"This leaves only one problematical legacy contract to conclude."
Despite the issues, the company's board said it still expects an "unadjusted profit for the full year", however this figure will be below previous estimates.
NMC said: "The order book for completion this year currently stands at £195 million and the Board is confident about the outlook for the year."
(LM/MH)
In a statement today, 18 February, the firm announced a number of legacy contract issues have been resolved.
However, the lengthy quarrels have cost the company £3.1m in profits.
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"The resolution of certain previously referred to legacy contracts across the Group has now been concluded and the settlement figures expected have not been achieved, resulting in additional total losses of £3.1 million," NMC said.
"This leaves only one problematical legacy contract to conclude."
Despite the issues, the company's board said it still expects an "unadjusted profit for the full year", however this figure will be below previous estimates.
NMC said: "The order book for completion this year currently stands at £195 million and the Board is confident about the outlook for the year."
(LM/MH)
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