NMCN PLC Financing and Trading Update (7173B)
14 Junio 2021 - 1:00AM
UK Regulatory
TIDMNMCN
RNS Number : 7173B
NMCN PLC
14 June 2021
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018
14 June 2021
NMCN PLC
("nmcn" or "the Company" or "the Group")
Financing and Trading Update
Further to the announcement of 28 May 2021 the Company is very
pleased to report that it is now in bilateral discussions, which
are well advanced, with a party to conclude a refinancing to
provide the appropriate capital structure to support the Group as
it trades through the current uncertainty. The Company is working
towards reaching a position where the refinancing will be announced
within the next week enabling the Company to address the current
significant working capital strain on the Group and place the Group
in a position to take advantage of the growth prospects within its
addressable markets. Should the refinancing not be successfully
concluded the Group will have to consider its remaining options. A
further announcement will be made in due course as appropriate.
As previously noted, activity levels across the business are
reasonable although there are performance issues in the Group's
Building business unit and challenges on two loss making contracts
in Water. It is therefore now expected that this will result in the
Group reporting a loss for the current financial year.
Enquiries:
nmcn Plc - +44 (0) 1623 515 008
Ian Elliott, Chairman
Lee Marks, Chief Executive
Alan Foster, Chief Financial Officer
Shore Capital - +44 (0) 20 7408 4090
Edward Mansfield
Dan Bush
John More
About nmcn
nmcn Plc (TIDM: NMCN) is a leading engineering and construction
company in the UK. Its talented 1,700-strong team offers
multi-sector engineering and construction skills, technical
innovation, design, and specialist fabrication.
The Company delivers major built environment and water industry
projects across the UK - from buildings and highways to large-scale
water networks and treatment plants. With its history dating back
to 1946, nmcn now has 12 UK offices and three off-site
manufacturing facilities.
LEI Number: 213800ANYQVA5OS51A68
www.nmcn.com
IMPORTANT INFORMATION
The issue of this announcement shall not, for the avoidance of
doubt, in any circumstances, create any implication that nmcn shall
be required to provide any further updates on the status of any
matters contemplated in this announcement (save as may be required
by law or regulation).
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END
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