NMCN PLC Update on 2020 results (2919H)
02 Agosto 2021 - 8:51AM
UK Regulatory
TIDMNMCN
RNS Number : 2919H
NMCN PLC
02 August 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
2 August 2021
("nmcn" or "the Company" or "the Group")
Update on 2020 results
The Company is continuing to work hard to prepare the annual
report and accounts (the "ARA") and liaise with its auditors to
finalise the audit of the financial statements for the year ended
31 December 2020 (the "2020 Results"). The Group is now expecting
to report GBP43m of aggregate losses identified since the position
reported in the 2019 financial statements, this figure remains
subject to audit. The increased losses are largely covered by
contingencies included within the working capital and cash
projections used to support the Company's refinancing and also
includes some losses which are likely to reverse in FY21.
In addition, it is no longer expected that the 2020 ARA will be
released in August, a further update will be provided in due
course.
The Company is progressing well to conclude the required
documentation to convene a general meeting to seek shareholder
approval to complete the refinancing at the earliest
opportunity.
Lee Marks Chief Executive Officer said:
"We are looking forward to fully recapitalising the business
allowing us to normalise our relationships with our supply chain.
Since joining I have been impressed by our people, and their
dedication to our much-valued customer and supplier base, who are
working alongside us to achieve an exciting future for nmcn. I look
forward to leading the business into a new positive chapter
alongside my Executive team and Svella plc."
Enquiries:
nmcn Plc - +44 (0) 1623 515 008
Ian Elliott, Chairman
Lee Marks, Chief Executive
Alan Foster, Chief Financial Officer
Svella Plc - +44 (0) 1228 648945
Andrew Tinkler
Ben Whawell
www.svella.com
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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August 02, 2021 09:51 ET (13:51 GMT)
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