Contractor posts Q1 profit but building subsidiary makes £21,000 loss

Contractor North Midland Construction has seen profits rise by a third in the first quarter of the calendar to £0.6m on turnover of £38m.

In an interim management statement to the city, the firm said it had already secured work to generate turnover of £154m over the current financial year. However, the firm admitted that the building subsidiary had sustained a loss of £21,000 in the first three months from January 1st.

The firm said its banking facilities have been extended.