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NMCN warns of £15m loss after contracts review
StockMarketWire.com
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Infrastructure company NMCN expects to report a loss of between £13.5 million and £15 million for the year following a review of major contracts.
The review - which followed several changes to the company's board - also triggered an external investigation to verify the extent of prior year adjustments included within the loss.
Acting chair Ian Elliott said that 'a number of issues have come to light which are concerning and are being addressed'.
'Decisive action is being taken by the board to limit the impact on the business and to ensure that the good relationships which the group has enjoyed with its customers for many years are maintained,' he added.
'The combination of the coronavirus impact and the company's internal issues is challenging, but the board remains confident of the market opportunity and the Group's ability to successfully address it.'
NMCN said the contracts involved primarily fell in the water sector. Additional costs had 'largely already been incurred', the company said, and was expected to have limited impact on the group's cash position.
The company said it was also reviewing its debt package, and had refinanced a property development, which would release £4 million of cash. NMCN was also in the process of selling some completed developments.
At 9:09am: (LON:NMCN) share price was -70p at 175p
Story provided by StockMarketWire.com
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